RIOT Platforms ($RIOT) vs TeraWulf ($WULF): Evaluating Their AI Data Center Transitions Riot Platforms (RIOT) and TeraWulf (WULF) are both transitioning from pure Bitcoin (BTC) mining toward high-performance computing (HPC) and AI data center hosting. TeraWulf has moved faster down the AI path, with HPC leasing revenue ($21 million) already surpassing mining revenue ($13 million) in its most recent quarter. Riot retains a larger mining footprint and a bigger Bitcoin treasury, but has begun layering on contracted data center revenue through tenants such as AMD. Both stocks carry high volatility and elevated betas, making them highly sensitive to both crypto prices and AI-sector sentiment.