Riot’s $9.1B AI mystery
episodeTranscript
jump: chapters · speakers · find in transcriptTranscript
Transcript generated automatically by AI and may contain errors.
What is the $9.1 B AI deal between Riot Platforms and Anthropic?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be here with you on this Tuesday, August 11th. I'm Julie Morgan. Anthropic has reportedly struck a nine point one billion dollar deal with Riot Platforms, a bitcoin mining company that recently began selling AI data center capacity. Bloomberg News reported that Riot disclosed Monday that it had secured a 20-year deal to supply 100 megawatts of capacity from its Rockdale, Texas campus to a leading frontier AI company. According to the report, that company is anthropic. To put this into perspective for you, 191 MW of capacity is enough to energize roughly 143,000 homes at any given time.
Riot is up 20% in pre-market trading.
How will Riot’s 20‑year, 100 MW contract generate $9.1 B in revenue?
The agreement reportedly runs through June of twenty forty eight. Riot expects the contract to generate nine point one billion dollars in revenue, while two five year extension options could take total sales to as much as sixteen point one billion. Plug power is up eleven percent in pre-market action. Shares climbed after the hydrogen and fuel cell company reported Q2 results that beat expectations, achieved near breakeven gross margin, and raised its fiscal year 26 revenue growth target. Gross margin improved to roughly breakeven from negative 31% a year earlier, while operating expenses fell about 50% year over year to 62 million. The company now Now targets twenty twenty six revenue growth of fifteen to sixteen percent.
SpaceX closed 4.2% higher at $138.74 on Monday, moving back above the company's $135 IPO price for the first time since July 16th.
Why is Plug Power’s Q2 performance boosting its stock by double‑digits?
SpaceX is currently down 1% in pre-market action, still above $135. The stock had closed below its IPO price for several weeks after first slipping under the $135 level on July 16th. Monday's gain extended a sharp rebound from its $104.83 intraday low on August 3rd. The move also marked SpaceX's highest close since July 13th, although the stock remains well below its post-IPO highs. Now for a look at a few other articles that are trending. This first one makes me want to snap my fingers for some reason. Stocks are partying and HSBC says the good times are not over yet. Hormuz Risk Premium Who wins and loses in the tanker trade?
How did SpaceX regain ground above its IPO price after a recent dip?
And Intel usizes its stock offering to twenty billion dollars and prices it at ninety five bucks a share. I have one item for you on our catalyst to watch. The Monster Beverage 2 for 1 stock split will become effective. On Wall Street, stock index futures are in the red before the opening bell. Crude oil is up two point six percent at eighty four dollars a barrel. Brent crude is up two point three percent at eighty nine. By the way, that's an increase of about five dollars each compared to this time yesterday. The FTSE one hundred is down zero point one percent and the Dax is also down zero point one percent.
What other market moves and economic data should investors watch today?
Upwork is on our biggest movers list. UPWK is down twenty percent after the freelancing platform reported a slight Q two EPS miss and issued significantly weaker than expected Q three in full year guidance, raising concerns about slowing growth. And one item for you on today's economic calendar at ten AM existing home sales. That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com/slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
No segments match your search.
Select any passage to copy it with its citation or turn it into a shareable card.
Chapters
5 chapters
1
What is the $9.1 B AI deal between Riot Platforms and Anthropic?
0:01–0:54
2
How will Riot’s 20‑year, 100 MW contract generate $9.1 B in revenue?
0:54–1:58
3
Why is Plug Power’s Q2 performance boosting its stock by double‑digits?
1:58–2:47
4
How did SpaceX regain ground above its IPO price after a recent dip?
2:47–3:30
5
What other market moves and economic data should investors watch today?
3:30–4:14