Riot Platforms Earnings in Focus as AI Data Center Pivot Looms

Riot Platforms is set to report its second-quarter earnings on Thursday, and investors are eagerly awaiting signs of progress in the company's pivot towards artificial intelligence data centers.

Analysts expect a loss of 23 cents per share on revenue of $155.6 million, a significant improvement from the prior quarter's $1.44-per-share loss.

The company has vast power infrastructure and potential to command lucrative lease agreements with AI hyperscalers, according to analysts at Morgan Stanley, who initiated coverage last week with a buy rating.

Riot controls some of the most attractive data center development sites in the U.S., with roughly 1.2 gigawatts engaged in Bitcoin mining and 750 megawatts of unsigned capacity that could be converted to AI infrastructure.