Applied Digital vs. Riot Platforms: Which Data Center Stock is a Better Buy?

Applied Digital and Riot Platforms are both data center developers that began building high-performance computing centers for Bitcoin and cryptocurrency mining. However, they are now pivoting to AI data centers. Applied Digital has seen meteoric growth, with revenue up 250% YoY and a net loss reduction of 76%. Riot Platforms has also seen growth, but its revenue and net income are still mainly driven by Bitcoin mining operations. Wall Street is bullish on both stocks, with Applied Digital having a median price target of $43.50 per share and Riot Platforms having a median price target of $28 per share.