It’s becoming a familiar story to anyone in the AI/HPC trading game.

Step 1: Hint at a large deal in the near future

Step 2: Announce a deal, but don’t name the tenant. Let the Wall Street Journal or another publication ‘leak’ the name.

Step 3: Watch your stock gloriously pump, until it reverses and turns red at market close

This pattern has become commonplace this summer, as the feverish bidding that drove AI stocks in 2025 and early 2026 has melted into revaluations across the board.

Case in point, here’s Riot’s stock today, not immune from the phenomenon.

Regardless, Riot secured one of the best deals we’ve seen in a while: a 20-year, $9.1 billion deal for 191 critical IT MWs with “a leading AI frontier lab” (thought to be Anthropic). The price per megawatt is higher than any of the recent signings, minus Fermi’s signing with Tensorwave (unexpected and well priced!).

And what’s more, Riot has an LOI tee’d up for Corsicana’s entire 1 GW capacity. Analysts, bankers, and shareholders love what Jason Les and the Riot team delivered. Let’s see if they can close the LOI now.

We break down Riot’s second-quarter results plus its new 191 MW Rockdale lease, which carries $9.1 billion of scheduled revenue.

The show also covers Nvidia’s $500 billion financing program for neoclouds and ERCOT’s request to delay Batch Zero deadlines,

Plus, AnchorWatch CEO Rob Hamilton joins to discuss the use of ChatGPT plus Anthropic models for code audits following the Coldcard hack.

CoreWeave (NASDAQ: CRWV) reported second-quarter revenue of $2.575 billion on Tuesday, up 112% from $1.212 billion a year earlier. Its net loss widened 116% to $626 million from $290 million.

Revenue backlog reached approximately $104 billion as of June 30, up from $99.4 billion at the end of the first quarter. CoreWeave said the figure does not include net new customer commitments of more than $25 billion secured in early July.

ERCOT asked Texas regulators to suspend the current Batch Zero schedule while the grid operator completes Governor Greg Abbott’s expanded data center audit.

The review could last several months. Developers do not have a revised study schedule.

Batch Zero was designed to separate commercially ready projects from speculative requests. ERCOT is evaluating a large-load queue exceeding 470 GW, with data centers representing close to 90% of proposed demand.

Benchmark maintained a Buy rating plus a $22 Bitdeer target, arguing that mining cash flow can support the company’s AI expansion.

Bitdeer generated $228.8 million of quarterly revenue plus $31.1 million of adjusted EBITDA. It also raised roughly $457 million through its at-the-market equity program.

Needham reduced its target from $22 to $20, citing limited visibility into colocation growth beyond the company’s 121 MW Tydal lease.

Bitdeer shares fell more than 20% after the company moved its ATM program to a new shelf with $1 billion of offering capacity.

DA Davidson cut its Nebius target from $250 to $175 after a site visit plus a local planning hearing raised doubts about the Vineland campus schedule.

The firm said the New Jersey project may not be completed during 2026.

Residents raised concerns over power costs, water consumption, noise, plus disclosure. The proposed expansion would add a 587,980-square-foot building and new energy infrastructure.

Nebius previously said its remaining Microsoft capacity deliveries were on schedule.

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