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    Riot Platforms (RIOT) Following Its AMD Deal Is Fair Value Catching Up

    Simply Wall St·09/23/2026 12:32:50
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    Riot Platforms pivots from pure Bitcoin mining

    Riot Platforms (RIOT) is reshaping its business after signing a 35 megawatt hosting agreement with AMD. The company is using existing Bitcoin-focused infrastructure to support AI computing and add contract-based data center revenue.

    Recent trading has been volatile, with Riot Platforms posting a 26.6% 7-day share price return and 25.7% 30-day gain, even though the 90-day share price return is down 9.1% and the 1-year total shareholder return is 46.1%. This pattern suggests that momentum has picked up again as investors weigh the AMD hosting deal and the broader pivot toward data center revenue.

    Compare Riot Platforms' pivot with a curated list of other infrastructure plays powering AI and digital assets through the 86 AI infrastructure stocks.

    Riot Platforms now trades near US$24.93 while analyst estimates cluster closer to US$32.40. After the AMD deal and sharp recent move, where does a reasonable fair value range really sit for this stock?

    Most Popular Narrative: 23% Undervalued

    Against Riot Platforms' last close at $24.93, the most widely followed narrative anchors fair value closer to $32.40, and ties that gap directly to how fast the AI hosting and Bitcoin infrastructure businesses can scale.

    Riot's aggressive build-out of a scalable data center business leverages its extensive, readily available power capacity in high-demand regions. This is seen as well-positioning the company to benefit from surging demand for AI and cloud computing infrastructure, which is described as likely to support higher revenue growth and improved valuation multiples over time.

    See why 122 investors see Riot Platforms as 23% undervalued.

    Result: Fair Value of $32.40 (UNDERVALUED)

    Still, Riot Platforms faces real pressure points, including heavy exposure to Bitcoin price swings and the risk that large AI tenants do not fully materialize as planned.

    Find out about the key risks to this Riot Platforms narrative.

    Another View: Riot Platforms looks expensive on sales

    While the most followed Riot Platforms narrative leans on a fair value of $32.40, the picture changes when you look at the P/S ratio. RIOT trades around 13.9x sales, compared with about 3.8x for the wider US Software group and 35x for peers, while the fair ratio sits closer to 4.3x.

    That gap against the sector and the fair ratio points to meaningful valuation risk if sentiment or growth assumptions cool. The key question is how comfortable you are paying a premium sales multiple for a business that is still loss making.

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqCM:RIOT P/S Ratio as at Sep 2026
    NasdaqCM:RIOT P/S Ratio as at Sep 2026

    Next Steps

    Mixed signals around Riot Platforms can feel confusing, so consider acting while sentiment is still forming and weigh the trade off between upside potential and real risks yourself. To see the balance of both sides clearly, start with the 1 key reward and 3 important warning signs.

    Looking for more investment ideas beyond Riot Platforms?

    Riot Platforms is only one angle on AI infrastructure and digital assets, and casting the net wider can reveal very different risk and reward profiles.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.