Why Riot Platforms (RIOT) Is Among Wednesday’s Top Gainers?

We recently published a list of Bitcoin Miners, Quantum Computing Lead Rally: A Look at Wednesday’s Top 10 Gainers. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands among Wednesday’s top gainers that lead rally.

Wall Street’s main indices closed in the green territory on Wednesday, posting gains of more than 1 percent as investors cheered news of a tamed inflation rate for November.

The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies mirrored the broader market optimism, led by the quantum computing and bitcoin mining sectors. Today, let’s take a look at what buoyed investor sentiment for each of the top gainers.

To come up with Wednesday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

Riot Platforms, Inc. (NASDAQ:RIOT)

Bitcoin miner Riot Platforms, Inc. (NASDAQ:RIOT) grew its share prices on Wednesday by 9.97 percent to end at $13.46 apiece, rallying alongside its counterparts following news that Republican officials at the Securities and Exchange Commission are set to begin overhauling cryptocurrency policies as soon as President-elect Donald Trump assumes office next week.

Among the measures expected to be weighed include initiating the process that would lead to guidance and clearer rules clarifying when the agency considers a cryptocurrency to be a security, as well as reviewing some crypto enforcement cases pending in courts.

Trump’s SEC chair pick, Paul Atkins, who is also a pro-crypto former agency commissioner, was widely expected to end a crackdown on cryptocurrencies led by incumbent SEC chair Gary Gensler.

The developments in the cryptocurrency industry sent Bitcoin’s prices soaring on Wednesday, touching the $100,000 level.

Overall, RIOT ranks 7th on our list of Wednesday’s top gainers that lead rally. While we acknowledge the potential of RIOT as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as RIOT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.