AMD deal establishes Riot as credible data center option, says Piper Sandler

Piper Sandler analyst Patrick Moley reiterated an Overweight rating and $26 price target on Riot Platforms (RIOT) after the company signed a land acquisition and data center lease with AMD (AMD) to host 25 megawatts of critical IT at Rockdale. While the initial deployment is for just 25 MW, the firm thinks the deal establishes Riot as a credible data center option for hyperscaler tenants. Piper also views it as an encouraging first step towards Riot eventually contracting all roughly 1.2 gigawatts of critical IT across Rockdale and Corsicana, and believes a full transition of these sites to AI data centers could equate to over $30 per share in value for Riot shares.