On August 3, Riot Platforms rose 5.03% in regular trading, trading at $21.251/share, with turnover of $69.34 million. The stock continues to benefit from multiple catalysts including Morgan Stanley's recent initiation of coverage with an \"Overweight\" rating and a $36 price target.

Morgan Stanley began covering several bitcoin miners that have pivoted to AI infrastructure providers, noting that companies with large grid-connected power assets are well-positioned to capitalize on surging AI data center demand. The investment bank named Hut 8 as its top pick and assigned Riot Platforms a bullish outlook. Activist investor Starboard Value has also been pushing Riot to accelerate its AI data center transition, highlighting the company's Corsicana and Rockdale facilities as premier sites for AI/HPC hosting.

Additionally, Bitcoin recently broke above $65,000, providing further tailwinds to the sector. With Riot's Q2 earnings scheduled for August 5, market attention is intensifying. In Q1, the company reported revenue of $167.2 million, beating estimates by nearly 28%, though it posted a wider-than-expected net loss of $1.44 per share.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)