We recently published a list of 10 Firms Lead Rally on Impressive Q1 Earnings, Optimistic Outlooks. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against other top performers on Thursday.

The stock market ended strong anew on Thursday, with all major indices finishing in the green territory, as investor sentiment was bolstered by a flurry of corporate earnings supported by better-than-expected performance from the technology giants.

The tech-heavy Nasdaq led the rally among all major indices, finishing up 1.52 percent. The S&P 500 clocked in a 0.63-percent gain, while the Dow Jones was up by 0.21 percent.

Ten companies also mimicked the broader market optimism following impressive earnings performance and an optimistic outlook for the rest of the year.

In this article, we have identified the 10 top performers on Thursday and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.Why Riot Platforms, Inc. (RIOT) Soared On Thursday

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

Riot Platforms, Inc. (NASDAQ:RIOT)

Riot Platforms snapped a four-day losing streak on Thursday, adding 7.32 percent to finish at $7.77 apiece following the release of mixed earnings performance in the past quarter of the year.

In a statement, Riot Platforms, Inc. (NASDAQ:RIOT) said it swung to a net loss of $296 million in the first quarter of the year from a $212 million net income in the same period a year earlier.

Revenues, however, more-than-doubled to $161.4 million from $79.3 million year-on-year driven by a $71.5-million increase in Bitcoin mining revenue which totaled to $142.9 million, due to higher average bitcoin prices and an increase in operational hash rate, partially offset by the block subsidy ‘halving’ event and an increase in average global network hash rate.

As of end-March, Riot Platforms, Inc. (NASDAQ:RIOT) was able to produce 1,530 Bitcoins, as compared to 1,364 during the same period last year.

Overall, RIOT ranks 8th on our list of top performers on Thursday. While we acknowledge the potential of RIOT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than RIOT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.

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