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JPMorgan, Citi upgrade Riot Platforms on AI shift

Secret3 AI

27 Sep 2025 — 1 min read

Riot Platforms, a major bitcoin mining operation in North America, has received consecutive upgrades from JPMorgan and Citigroup due to its shift towards high-performance computing (HPC) and artificial intelligence (AI). The analysts noted that Riot's pivot could provide a competitive advantage as the company reconfigures its data centers to accommodate HPC and cloud services, essential for AI application. Analysts from JPMorgan indicate that Riot, along with Cipher and IREN, has a 50% chance of securing HPC hosting contracts, drawing on Core Scientific's recent $3.7 billion deal as a benchmark. Following this development, JPMorgan has increased Riot's price target to $19, while Citi raised it to $24. Although Riot's shares dipped slightly amid a broader industry selloff, they still showed resilience compared to peers like IREN and CleanSpark, which were downgraded due to declining prospects. This trend underlines a growing division in the industry between miners focused solely on bitcoin and those embracing AI and cloud computing for future growth.

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Corporate Clients Hold Up to 15% of Assets on Mercado Bitcoin, Exchange Exec Says

Trump-linked WLFI burns $1.43M worth of tokens after $1M buyback

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Ether ETFs log straight week of outflows, $796M pulled as price drops 10%