13 Best AI Stocks to Buy Under $10

4. Riot Platforms, Inc. (NASDAQ:RIOT)

Stock Price as of May 12: $8.48

Number of Hedge Fund Holders: 37

Riot Platforms, Inc. (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company that operates large-scale Bitcoin mining facilities. However, the company has made a strategic move into artificial intelligence as it seeks to put itself at the nexus of blockchain technology and AI innovation. The expansion is part of the company’s bid to diversify its income sources away from the volatile cryptocurrency landscape. Riot Platforms (NASDAQ: RIOT) is a top AI stock due to rising energy demand from AI firms. With power access and data centers, it is well-positioned to benefit from tech giants’ growing needs.

Riot Platforms, Inc. (NASDAQ:RIOT) reported Q1 2025 results on May 1, showing strong revenue growth but a large net loss as it shifts focus to AI and high-performance computing (HPC) data centers. Revenue rose 104% to $161.4 million, but the company posted a $296.4 million loss ($0.90 per share), a sharp drop from its $109.4 million profit last quarter. Riot is balancing its Bitcoin mining business while expanding into AI-powered data centers.

Early in the year, the Riot Platforms, Inc. (NASDAQ:RIOT) confirmed it was exploring the possibility of directing up to 600MW of its remaining power capacity at the Texas facility to artificial intelligence high-performance computing. It has already opened discussion with various AI/HPC counterparts as it looks to capitalize on the massive AI opportunity. Riot Platforms has a Strong Buy rating from 11 analysts, with an average price target of $15.91, ranging from $11.00 to $22.00, suggesting an 88.51% upside from its current $8.44.