Riot Platforms (RIOT) Jumps 22% On Higher Bitcoin Prices

We recently published a list of 15 Stocks That Stole The Show Last Week. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against other best stocks that stole the show last week.

Riot Platforms saw its share prices surge by 22.06 percent week-on-week, mirroring Bitcoin prices’ return to the $105,000 territory, supported by strong US jobs data, renewed hopes for trade negotiations between the US and China, and increased Bitcoin production in May.

Earlier last week, Riot Platforms, Inc. (NASDAQ:RIOT) announced it was able to mine 514 Bitcoins last month, or 11 percent higher than the 463 produced in April, and by 139 percent as compared with the 215 Bitcoins in the same month last year.

In other news, Riot Platforms, Inc. (NASDAQ:RIOT) acquired 355 acres of land near its Corsicana site, intended for the development of data centers to serve high-performance compute, which typically require larger footprints than bitcoin mining to utilize the same power capacity.

Riot Platforms (RIOT) Jumps 22% On Higher Bitcoin Prices

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

“We will continue to look to strategically add additional land parcels to ensure that our Corsicana site is ideally suited to support designs for data centers that serve the needs of hyperscale and enterprise tenants,” said Riot Platforms, Inc. (NASDAQ:RIOT) CEO Jason Les.

Overall, RIOT ranks 9th on our list of best stocks that stole the show last week. While we acknowledge the potential of RIOT as an investment, 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 extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.