Stock Market Today, May 1: Riot Platforms Jumps After AI Data Center Revenue Beats Estimates

Riot Platforms Stock Quote

Today’s Change

(7.31%) $1.26

Current Price

$18.50

Riot Platforms (RIOT +7.31%), a Bitcoin mining and data center operator, closed Friday at $18.50, up 7.31%. The stock moved higher after Q1 results, as data center updates sparked analyst upgrades. Investors are watching how quickly that segment can scale compared to legacy mining. Trading volume reached 32.6 million shares, about 74% above its three-month average of 18.7 million shares. Riot Platforms IPO’d in 2016 and has grown 585% since going public.

How the markets moved today

The S&P 500 added 0.28% to finish Friday at 7,229, while the Nasdaq Composite gained 0.89% to close at 25,114. Within Bitcoin mining, industry peers Mara Holdings closed at $11.46, down 4.42%, and Hut 8 finished at $76.98, up 1.58%, underscoring stock-specific reactions to recent earnings and AI pivot news.

What this means for investors

While Riot Platforms is still early on in its transition from Bitcoin miner to AI data center operator, its Q1 results showed that things are going well so far. Riot delivered its first 5 MW of capacity to AMD earlier this year and is on track to deliver another 20 MW in May 2026. In addition to these 25 MW of capacity, AMD exercised its option for another 25 MW, which should be delivered in November of 2026.

All in all, the lease with AMD could grow to 200 MW, as Riot continues to build out its capacity. Management believes Riot can reach 1.2 GW over the longer term, roughly six times the size of its maximum AMD deal.

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