Piper Sandler Remains Bullish on Riot Platforms (RIOT), Cites Potential AI and HPC Partnerships

Riot Platforms, Inc. (NASDAQ:RIOT) is one of the 12 most promising blockchain and crypto mining stocks according to hedge funds.

Piper Sandler Remains Bullish on Riot Platforms (RIOT), Cites Potential AI and HPC Partnerships

On October 20, 2025, Piper Sandler increased its price target on Riot Platforms, Inc. (NASDAQ:RIOT) from $18 to $25, while maintaining a “Neutral” rating.

The investment firm sees investors awaiting a potential hyperscaler deal that might involve major AI or HPC partners at Riot Platforms, Inc. (NASDAQ:RIOT)’s Corsicana facility near Dallas or its Rockdale facility outside Austin, Texas. Both sites offer significant power access and proximity to major metro hubs, which might potentially attract prospective AI or HPC tenants.

Recent quarters have not seen many developments on the AI infrastructure front. However, Piper Sandler believes Riot Platforms, Inc. (NASDAQ:RIOT) looks to be in a position to hold discussions to transition part of its large-scale Bitcoin mining operations toward high-performance computing applications. Thus, this points to potential long-term strategic diversification.

Riot Platforms, Inc. (NASDAQ:RIOT), a large-scale Bitcoin mining and engineering facilities operator across Texas and Kentucky, offers power infrastructure, custom electrical solutions, and data center services to industrial and governmental clients.

While we acknowledge the potential of RIOT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIOT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.