LATEST: Bernstein raised its Riot Platforms price target to $35 from $30 after the Bitcoin miner announced a $9.1B AI data center deal, reportedly with Anthropic.

What happened

Bernstein increased its price target for Riot Platforms to $35, up from $30, after the Bitcoin mining company announced a $9.1 billion AI data‑center agreement that is reported to involve Anthropic.

Confirmed

Global impact / market context

The higher target suggests analysts see stronger earnings potential for Riot, as the AI data‑center deal could bring new revenue streams and improve the company’s growth outlook.

Analyst inference

Riot’s announcement comes as Bitcoin mining firms seek diversification, and AI‑related infrastructure spending is rising, which may boost demand for high‑capacity, low‑cost electricity that miners provide.

Analyst inference

What to watch

1. Progress of the AI data‑center partnership, including any confirmed contracts or timelines, will indicate how quickly new revenue could materialise. Proposed
2. Riot’s hash‑rate growth and utilization rates, because higher mining output can increase cash flow to fund the AI project. Proposed
3. Regulatory developments affecting crypto mining or AI data‑centers, as new rules could impact operating costs or expansion plans. Proposed

Affected assets

• BTC — Bitcoin

Evidence

• x.com