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Riot Platforms（RIOT）投资备忘录 Investment Memo

投资主题：AI数据中心 / 电力资产 / 比特币挖矿 / 数字基础设施 Investment Theme: AI Data Centers / Power Assets / Bitcoin Mining / Digital Infrastructure 从比特币矿企到AI数据中心基础设施平台：98亿美元长期合同正在重塑估值逻辑 From Bitcoin Miner to AI Data Center Infrastructure Platform: A $9.8 Billion Long-Term Contract Is Reshaping the Valuation Framework Anthropic斥资91亿美元与比特币矿企Riot Platforms签署20年算力长约，供应191兆瓦算力，若行使延期选项总价值最高达161亿美元。这是Anthropic近月连签的第三笔巨额算力协议，三笔合计规模已超600亿美元。消息公布后，Riot股价盘后暴涨25%，其"挖矿转AI&

ACHR

ACHR · 高风险高回报 · High Risk Reward

过去三年，ACHR累计上涨约232%。过去一年，股价在约$4.5至约$12之间剧烈波动。 In the past three years, ACHR has risen by approximately 232% cumulatively. In the past year, the stock price has fluctuated violently between approximately $4.5 and approximately $12. 今天的股价：约$6.2，距高位约$12跌去约一半。 Today's stock price: approximately $6.2,

SMR

SMR · 高风险高回报 · High Risk Reward

过去一年，SMR从52周低点约$11涨至历史高位约$57，涨幅超过四倍。 In the past year, SMR has risen from a 52-week low of approximately $11 to an all-time high of approximately $57, an increase of more than fourfold. 今天的股价：约$12，从高位跌落约八成。 Today's stock price: approximately $12, a drop of about 80%

OKLO

OKLO · 高风险高回报 · High Risk Reward

先看这个数字 Look at this number first 2025年，OKLO从低点约$5一路涨至历史高位约$194，涨幅超过10倍。 In 2025, OKLO rose from a low of approximately $5 all the way to an all-time high of approximately $194, an increase of over 10 times. 然后从高位跌回今天约$58，从高点回落约七成。 Then it fell back from its high to approximately

NVO

NVO · 高风险高回报 · High Risk Reward

诺和诺德（Novo Nordisk）曾是全球市值最高的欧洲企业，市值一度突破约6000亿美元。2025年，股价从约$82高位跌至约$36，跌幅超过55%——GLP-1竞争格局恶化、CagriSema三期数据不及预期、Ozempic与Wegovy在中国、巴西、加拿大专利到期、管理层大换血，一切利空在同一年密集爆发。 Novo Nordisk was once the European company with the highest market capitalization in the world, with its market cap once exceeding approximately $600 billion. In 2025, the stock price fell from a

RGTI

RGTI · 高风险高回报 · High Risk Reward

2024至2025年间，RGTI从低点约$1一路涨至历史高位约$58，涨幅近60倍。然后从高位跌回今天约$17，从高点回落约七成。 In the period between 2024 and 2025, RGTI rose from a low of approximately $1 all the way to an all-time high of approximately $58, an increase of nearly 60 times. Then it fell back from its high to approximately $17

NBIS

NBIS · 高风险高回报 · High Risk Reward

先看这两个合同数字 First, look at these two contract figures 微软：约$194亿，五年期。 Microsoft: approximately $19.4 billion, five-year term. Meta：约$29亿，五年期。 Meta: approximately $2.9 billion, five-year term. 合计超过约$220亿的长期合同积压——在这篇报告写成的时候，Nebius的整体市值只有约$240亿。 A combined long-term contract backlog of over $22 billion—at the time

VRT

VRT · 高风险高回报 · High Risk Reward

过去五年，VRT累计上涨约850%。其中2024年上涨约190%，2025年再涨约43%。今天的股价：约$164至$169——比2025年高位约$202回落约17%。 Over the past five years, VRT has climbed approximately 850%. This includes a ~190% surge in 2024 and a further ~43% rise in 2025. Today's stock price sits between approximately $164 and $169—a pullback of about 17%

VSAT

VSAT · 高风险高回报 · High Risk Reward

Viasat 从历史高位约$62一路跌至低点约$10，跌幅超过八成，用了约两年时间完成这段漫长的下跌。今天约$32，较高点仍下跌约48%，较低点已反弹约三倍。 Viasat fell from an all-time high of approximately $62 all the way to a low of approximately $10, a decline of over 80%, taking about two years to complete this long descent. Today it is around $32, still down

CCJ

CCJ · 高风险高回报 · High Risk Reward

先看这组数字 First, look at these numbers 过去一年，CCJ从52周低点约$35一路涨至历史高位约$135，涨幅约三倍。 Over the past year, CCJ has risen all the way from a 52-week low of approximately $35 to an all-time high of approximately $135, an increase of about threefold. 今天的股价：约$85，从高位回落约37%。 Today's stock