Bitcoin Miner Riot Leases Part of Its Texas Mine to an AI Lab

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In Today's Note

• Riot Platforms signed a 20-year lease for 191MW at its Rockdale, Texas campus with an unnamed frontier AI lab, worth an expected $9.1B of contracted revenue through 2048, with two extensions that could take it to $16.1B. Its shares rose more than 25% after hours.

• Brent jumped from $83 to $89 as prospects for a Strait of Hormuz deal dimmed, with Trump now demanding compensation from Iran. BTC slipped from $65K to $64K, and Cleveland Fed President Beth Hammack said a hiking cycle may be needed.

Market Snapshot: Overnight Moves

Macro & Markets

• A rally in oil coincided with a risk off move in crypto prices and US equities amidst stalling progress on a deal to open the Strait of Hormuz.

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