Home Stock Ideas Long Ideas Tech  Summary Riot Platforms is transitioning from a Bitcoin miner to an institutional-scale data center operator, validated by AMD doubling its contracted capacity. RIOT’s 2 GW Texas power portfolio and 756 MW Corsicana campus offer significant, hard-to-replicate infrastructure and future leasing optionality. Data center lease margins are robust, with early-stage gross margins near 91% and projected NOI of $204 million annually at full AMD expansion. I assign RIOT a buy rating, as the market undervalues its long-term data center potential and AMD partnership, despite near-term GAAP losses. Thomas Barwick/DigitalVision via Getty Images Riot Platforms ( RIOT ) announced Q1 2026 earnings last week, with a headline GAAP net loss of $500 million.…