10 AI News You Should Not Miss

8. Riot Platforms, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 19

Riot Platforms, Inc. (NASDAQ:RIOT) is a Bitcoin infrastructure company that is also exploring opportunities in AI.

On January 21, Riot Platforms (NASDAQ:RIOT) announced the launch of a formal evaluation to explore the potential use of 600 MW of unused power capacity at its Corsicana Facility for AI and high-performance computing (HPC) applications. The company has engaged consultants to assess this opportunity and is accelerating its outreach to potential AI/HPC partners. As part of this strategy, Riot is halting the previously planned Phase II Bitcoin mining expansion at the facility. The shift will reduce the company’s expected Bitcoin mining hash rate capacity growth for 2025, from 46.7 EH/s to 38.4 EH/s, and lower capital expenditures at Corsicana by $245 million. Riot is continuing to develop the substation to support the additional power capacity but it is uncertain whether the conversion to AI/HPC will be financially viable or lead to suitable partnerships.