Riot Platforms Teams Up with AMD for AI Data Center
- Riot Platforms partners with AMD for AI data centers.
- Stock jumps between 7-16% post announcement.
- Bitcoin sales fund the Texas data center expansion.
Riot Platforms Inc. signed a 10-year data center lease with AMD for its Texas site, marking a significant strategic shift into AI and high-performance computing.
Riot’s move into AI data centers underscores a diversification strategy amid Bitcoin mining challenges, sparking a stock surge, reflecting investor confidence in its new direction.
Riot Platforms has signed a 10-year Data Center Lease with AMD at their Texas site, marking a significant shift towards AI data centers. The collaboration starts with an initial 25 MW capacity, potentially expanding to 200 MW. Riot Platforms acquires land and leases AMD data center
The agreement involves AMD partnering to fulfill high-performance computing needs. Riot’s ambitions are further supported by strategic sales of Bitcoin to fund a $96 million land acquisition to accommodate this growth.
Riot’s stock rose following the announcement, reflecting market confidence in the AI focus amid Bitcoin mining challenges. This signals a trend among miners diversifying operations into AI/HPC to leverage existing infrastructure.
“At AMD, advancing high-performance computing and AI requires partners that can match our pace and scale. We’re excited to work with Riot, whose capabilities, power availability, and high-density solutions align with our infrastructure roadmap,” – Hasmukh Ranjan, CIO of AMD
Financial outcomes include generating up to $1 billion in revenue from the lease agreements. The expansion reflects broader industry shifts towards AI and data centers, offering far-reaching implications for the cryptocurrency and tech sectors.
