Group 1 - Artificial intelligence (AI) requires significant computing power, relying on high-end chips and substantial electric energy for operations and training [1] - AI businesses are increasingly looking to tech companies that offer data center services, which can be sold, rented, or leased [1][2] - Bitcoin mining companies like MARA Holdings, Riot Platforms, and Terawulf are transitioning to support high-performance computing applications, including AI [3] Group 2 - MARA Holdings has a mining capacity of 50 EH/s, Riot Platforms has 35.4 EH/s, and Terawulf has 12.2 EH/s, collectively accounting for about 8% of global Bitcoin mining activity [4] - The Bitcoin mining industry is cyclical, with mining rewards halved every four years, prompting companies to seek alternative revenue streams during less profitable periods [5][6] - Bitcoin mining stocks that have embraced AI operations have outperformed Bitcoin over the past six months, indicating a successful pivot to AI services [6]

Key Takeaways Riot Blockchain's Q3 2025 revenues are estimated at $168M, up 98% year over year.The company's consensus EPS is pinned at a loss of $0.19, narrower than last year's $0.54 loss.Despite a 45.95% Earnings ESP, RIOT's Rank #4 lessens chances of an earnings beat.Riot Blockchain, Inc. (RIOT) is expected to register strong top-line growth for the third quarter of 2025. The top line is likely to have been significantly driven by growth in mining revenues. The Zacks Consensus Estimate for revenues is p ...

Core Insights - The stock market is experiencing new highs, with cryptocurrency mining and data center infrastructure stocks emerging as significant winners for 2025 [1] - Leading companies include IREN Ltd, Cipher Mining, Applied Digital, and Nebius, with year-to-date gains exceeding 300% [1][2] Company Performance - IREN Ltd has surged over 540% year-to-date, followed by Cipher Mining at 345%, Applied Digital at 338%, and Nebius at 323% [1] - Other notable performers include CoreWeave at 231%, Bitfarms at 209%, and TeraWulf at 142% [2] - Companies like Hut 8, CleanSpark, and Riot Platforms have also advanced over 100%, while Galaxy Digital and Marathon Holdings have seen gains of 69% and 16%, respectively [2] Industry Trends - Traditional Bitcoin miners are transitioning into data infrastructure providers, with IREN repositioning as a renewable-energy-powered data center operator [4] - Applied Digital has secured a $5 billion multi-year AI infrastructure lease and expanded capacity by 150 megawatts, indicating a shift towards stable, recurring data-hosting income [5] - Cipher Mining and Nebius are leveraging existing mining sites to meet the rising demand for AI and high-performance computing (HPC) hosting [6] Market Dynamics - The rally in these stocks is supported by rising Bitcoin prices, increasing institutional interest, and significant global investment in AI infrastructure [7] - Companies that were once solely focused on cryptocurrency are now being re-rated as hybrid plays on both digital assets and the AI boom, reflecting a structural advantage in the digital economy [7]

Core Insights - Riot Platforms, Inc. (NASDAQ:RIOT) is recognized as one of the 12 most promising blockchain and crypto mining stocks by hedge funds [1] - Piper Sandler has raised its price target for Riot Platforms from $18 to $25 while maintaining a "Neutral" rating [2] - The firm anticipates potential partnerships in AI and high-performance computing (HPC) at Riot's facilities in Corsicana and Rockdale, Texas, due to their significant power access and proximity to major metro areas [3] Company Overview - Riot Platforms operates large-scale Bitcoin mining and engineering facilities across Texas and Kentucky, providing power infrastructure, custom electrical solutions, and data center services to industrial and governmental clients [5] Strategic Outlook - Piper Sandler believes that Riot Platforms is positioned to explore discussions for transitioning part of its Bitcoin mining operations towards high-performance computing applications, indicating potential long-term strategic diversification [4]

Core Insights - Riot Platforms, Inc. (NASDAQ:RIOT) experienced a significant share price increase of 9.89% on Monday, closing at $22.01 as investors prepared for the upcoming third quarter earnings report [1][4]. Financial Performance - Riot Platforms is set to announce its financial and operational highlights on October 30 after market hours, followed by a conference call to discuss the results [2]. - In September, the company reported a 7% decline in Bitcoin production, with only 445 Bitcoins mined compared to 477 in August [2]. - The company sold 465 Bitcoins at an average price of $113,043 during the period, a slight decrease from the 450 units sold at an average of $115,035 in the same comparable period [3]. Strategic Outlook - Investors are keenly awaiting insights into the company's future business direction, particularly its planned transition to serve the growing artificial intelligence (AI) and high-performance computing (HPC) sectors [4].

Group 1: Cipher Mining (CIFR) - Cipher Mining's stock remains stable after modest cuts to Q3 and full-year 2025 revenue and EBITDA forecasts, with strong execution on its Fluidstack/Google lease and potential follow-on deals noted, although much of the 2027 development pipeline is already priced in, trading at about 87% of estimated pipeline equity value versus a 61% coverage average [2] Group 2: IREN Ltd. (IREN) - IREN's Hold rating reflects downward revisions to near-term production and cost assumptions, partially offset by raised 2026 estimates due to plans to expand its Canadian AI cloud build-out to 60,000 GPUs, but the firm's bare-metal focus is seen as lacking the necessary software depth and enterprise integration for durable returns, with an elevated valuation amid execution and dilution risks [3] Group 3: Mara Holdings (MARA) - Mara remains on Hold after reductions to Q3 and 2025 revenue and EBITDA estimates, with skepticism around its ability to monetize power-management services for AI inference and advance off-grid mining growth, compounded by uncertainty over a proposed 64% acquisition of EDF's Exaion, which is under review on sovereignty grounds [4] Group 4: CleanSpark (CLSK) - CleanSpark's Hold rating follows reductions to Q3 and 2025 estimates due to lower mining uptime, despite management's appointment of Matt Schultz and renewed optimism around AI/HPC optionality, with shares rallying 94% since the leadership change, but the company is preferred to await clearer updates on the scale and timing of its AI/HPC pipeline before any upgrade [5] Group 5: Hut 8 (HUT) - Hut 8 earns a Buy rating with a raised price target to $67, reflecting full value for an estimated 530 MW gross AI/HPC leasing pipeline across River Bend, Batavia, and Texas Site 03, valued at $5.85 billion at a 5.5% cap rate, with American Bitcoin's mining operations dominating results and presenting dilution risk, while exposure to AI/HPC colocation supports long-term upside [6] Group 6: TeraWulf (WULF) - TeraWulf retains a Buy rating with an increased price target of $24, supported by a sum-of-the-parts valuation of its 886 MW AI/HPC pipeline through 2027, spanning Core42/Fluidstack, Lake Mariner, and Cayuga Lake, valued at $13.85 billion at a 5.5% cap rate, along with modestly raised Q3 revenue and EBITDA forecasts on higher hashprice trends [7]

Core Viewpoint - The cryptocurrency-related stocks in the US market opened lower on Friday, reflecting a decline in major cryptocurrencies like Bitcoin and Ethereum [1] Group 1: Market Performance - Riot Platforms (RIOT.US) and HUT 8 (HUT.US) both fell over 3% [1] - MARA Holdings (MARA.US) dropped more than 2% [1] Group 2: Cryptocurrency Prices - Bitcoin is currently down 2.18%, with a 24-hour decline exceeding 5%, priced at $105,499 [1] - Ethereum has decreased by 2.33%, with a 24-hour drop of over 6%, currently at $3,779 [1]

Core Viewpoint - Riot Platforms, Inc. is set to hold its third quarter 2025 earnings conference call on October 30, 2025, to discuss the financial results for the quarter ending September 30, 2025 [1] Company Overview - Riot Platforms, Inc. is a leader in the Bitcoin-driven industry, focusing on the development of large-scale data centers and bitcoin mining applications [1][3] - The company's vision is to become the world's leading Bitcoin-driven infrastructure platform, aiming to positively impact various sectors and communities [3] - Riot operates Bitcoin mining facilities in central Texas and Kentucky, along with electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas [4] Conference Call Details - The earnings conference call will be available via an audio-only webcast, with registration links provided for participants [2] - A replay of the webcast will be accessible after the call concludes [2]

Company Performance - Riot Platforms, Inc. closed at $22.19, with a daily increase of +2.26%, outperforming the S&P 500's loss of 0.16% [1] - The company's shares have increased by 30.1% over the last month, significantly surpassing the Finance sector's loss of 1.81% and the S&P 500's gain of 1.14% [1] Upcoming Earnings - The upcoming earnings release is highly anticipated, with projected earnings per share (EPS) of -$0.19, reflecting a 64.81% increase from the same quarter last year [2] - Revenue is forecasted to be $164.67 million, indicating a 94.21% growth compared to the same quarter of the previous year [2] Full Year Projections - For the full year, earnings are projected at -$0.67 per share, representing a change of -297.06% from the prior year [3] - Revenue for the full year is estimated at $662.78 million, which would indicate a growth of +75.96% from the previous year [3] Analyst Forecasts - Recent revisions to analyst forecasts are important, as they reflect changing business trends and can indicate a favorable outlook on the company's health and profitability [4] - The Zacks Rank system, which assesses these estimate changes, currently ranks Riot Platforms, Inc. at 3 (Hold) [6] Industry Context - Riot Platforms, Inc. operates within the Financial - Miscellaneous Services industry, which has a Zacks Industry Rank of 95, placing it in the top 39% of over 250 industries [7] - The top 50% rated industries are shown to outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - The cryptocurrency sector is gaining mainstream legitimacy, with significant players like Thumzup Media Corporation (Nasdaq: TZUP) and American Bitcoin Mining Corp. (Nasdaq: ABTC) emerging as key contributors to this evolution [4][13] - BlackRock's iShares Bitcoin Trust (Nasdaq: IBIT) has become the most profitable ETF ever, with nearly $100 billion in assets and $245 million in fees, highlighting the institutional embrace of Bitcoin [4][14] Company Developments - Thumzup Media Corporation is pivoting towards digital innovation, recently appointing Chris Ensey, a crypto veteran, to its Board of Directors ahead of its merger with Dogehash Technologies [4][8] - The company has acquired approximately 7.5 million Dogecoin tokens valued at around $2 million, aligning with the anticipated launch of DOGE ETFs [14][15] - Ensey's extensive experience in technology and risk mitigation is expected to guide Thumzup's growth and innovation strategy post-merger [9][11] Industry Trends - The landscape of prominent figures in the cryptocurrency sector is shifting, with new entrants like the Trump family making significant moves through American Bitcoin Mining Corp. [5][7] - The approval of Bitcoin ETFs, particularly BlackRock's, marks a significant milestone in the sector's path to legitimacy, attracting institutional investors [14] - The increasing recognition of Dogecoin, supported by the expected launch of DOGE ETFs, is seen as a transformative moment for the digital asset landscape [15]