Needham analyst John Todaro sees the AMD-Anthropic deal, announced on July 22, as a catalyst for Riot Platforms, as more AI chips need more data center space. AMD committed up to $5 billion to Anthropic and is supplying up to 2 gigawatts worth of its Instinct MI450 AI accelerators. Needham maintained its Buy rating on RIOT and nudged its price target to $28.50. Riot Platforms already has a relationship with AMD; in January 2026, Riot signed a data center lease with AMD at its Rockdale, Texas facility. The initial agreement covered 25 megawatts of capacity, with room to scale up to 200 megawatts. The initial deal alone is projected to generate roughly $311 million in revenue for Riot, and if the full expansion plays out, that number could approach $1 billion. In January 2026, Riot acquired a 200-acre site in Rockdale for approximately $96 million, funding part of that acquisition by selling roughly 1,080 BTC. Needham initially raised its price target for Riot from $28 to $30 on January 20, when the AMD lease was first announced.