Core Viewpoint - Riot Platforms, Inc. is set to hold its second quarter 2025 earnings conference call on July 31, 2025, to discuss the financial results for the quarter ending June 30, 2025 [1] Company Overview - Riot Platforms, Inc. aims to be the leading Bitcoin-driven infrastructure platform, focusing on innovative solutions and community partnerships to achieve best-in-class execution [3] - The company 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 accessible via an audio-only webcast, with registration links provided for participants in the United States and internationally [2]

Summary of Conference Call on Taiwan Technology: Semiconductors Industry Overview - The semiconductor industry is experiencing a shift towards more complex chip designs, particularly in the AI and High-Performance Computing (HPC) segments, which is driving demand for advanced chip testing [1][11][58]. - The probe card and socket markets are projected to grow steadily, with the probe card market reaching US$2.5 billion and the socket market reaching US$1.6 billion in 2024, representing approximately 17% and 11% of the total testing equipment market, respectively [52]. Key Companies MPI (6223.TWO) - MPI is ranked as the 4th largest probe card provider globally, with 57% of its revenue in 2024 derived from probe cards [10][52]. - The company is expected to achieve a revenue CAGR of 19% from 2024 to 2027, driven by increased demand in the AI/HPC segments [14][33]. - MPI's market share in the probe card market is projected to rise from 7% in 2024 to 11% by 2027 [13]. WinWay (6515.TW) - WinWay is the 2nd largest socket provider globally, generating 71% of its revenue from test and burn-in sockets [10][52]. - The company is expected to see a revenue CAGR of 23% from 2024 to 2027, benefiting from its expansion into the probe card market [14][37]. - WinWay's market share in the socket market is expected to increase from 8% in 2024 to 14% by 2027 [13]. Investment Opportunities - Both MPI and WinWay are initiated with a Buy rating and target prices of NT$1,000 and NT$1,500, respectively, implying potential upsides of approximately 41% and 54% [3][16]. - The investment thesis is supported by: 1. Increasing dollar content in the testing industry due to AI and HPC trends, leading to a doubling of average selling prices (ASPs) for probe cards and sockets [3][11][59]. 2. Local advantages for Taiwanese vendors, including proximity to leading foundries like TSMC and OSAT companies, which are expected to enhance market share [13][12]. 3. Expansion into new markets, particularly in high-margin segments like MEMS probe cards for MPI and probe cards for WinWay [14][58]. Financial Performance - MPI's earnings are forecasted to grow at a CAGR of 28% from 2024 to 2027, while WinWay's earnings are expected to grow at a CAGR of 37% during the same period [39][41]. - MPI's 2024 revenue is projected at NT$10.17 billion, with net income expected to reach NT$2.30 billion [10][33]. - WinWay's 2024 revenue is projected at NT$5.80 billion, with net income expected to reach NT$1.19 billion [18][37]. Risks - Potential downside risks include softer demand in AI and HPC markets, slower penetration into new total addressable markets (TAM), and intensifying competition [4]. Conclusion - The semiconductor testing industry, particularly for advanced chip testing, is poised for significant growth driven by increasing complexity in chip designs and the demand for faster time to market. MPI and WinWay are well-positioned to capitalize on these trends, making them attractive investment opportunities despite current market volatility.

Core Insights - Riot Platforms, Inc. reported a record total revenue of $161.4 million for Q1 2025, a significant increase from $79.3 million in Q1 2024, primarily driven by a $71.5 million rise in Bitcoin mining revenue [9] - The company produced 1,530 bitcoins in Q1 2025, compared to 1,364 bitcoins in the same period of 2024 [9] - The average cost to mine one bitcoin, excluding depreciation, was $43,808 in Q1 2025, up from $23,034 in Q1 2024, largely due to the block subsidy halving event and a 41% increase in the average global network hash rate [9] Financial Performance - Bitcoin mining revenue reached $142.9 million in Q1 2025, compared to $71.4 million in Q1 2024, driven by higher average bitcoin prices and increased operational hash rate [9] - Engineering revenue for the quarter was $13.9 million, up from $4.7 million in the same period last year, now including results from E4A Solutions, LLC, acquired in December 2024 [9] - The company maintained a strong financial position with $310.3 million in working capital, including $163.7 million in unrestricted cash and $71.0 million in marketable equity securities [9] Strategic Developments - Riot acquired Rhodium's mining operations and tangible property at the Rockdale Facility, repurposing 125 MW of power capacity for self-mining operations, eliminating nearly $15 million in operating losses from a legacy contract in 2024 [3] - The company is advancing its AI/HPC data center business, with a feasibility study indicating the Corsicana site as an attractive asset for data center tenants, and is enhancing the site with additional development land and improved connectivity [4] - Construction on a substation at the Corsicana Facility is ongoing, expected to bring a total of 1.0 GW of power capacity online by early 2026 [4]