<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/30/101803.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/30/101803.jpg"/></p>
<p><em>图片来源：Bigstock</em></p>
<h3><strong>关键要点</strong></h3>
<ul>
<li>Riot Platforms 运营着 1.86 吉瓦的电力容量，支持当前的比特币挖矿和未来的人工智能/高性能计算增长。</li>
<li>Riot Platforms 报告了强劲的第三季度收入和净收入，得益于运营杠杆和电力削减信用。</li>
<li>TeraWulf 的人工智能推动带来了长期合同，但沉重的债务、亏损和执行风险给股票带来了压力。</li>
</ul>
<p>比特币挖矿行业正处于转型阶段，运营商越来越关注数字基础设施和人工智能托管，以实现收入多元化。TeraWulf（WULF - 免费报告）和 Riot Platforms（RIOT - 免费报告）是美国上市的比特币矿商，运营着由低成本能源驱动的大规模设施。</p>
<p>TeraWulf 通过强烈关注零碳能源和通过合资企业扩展人工智能和高性能计算能力来实现差异化，而 Riot Platforms 则作为最大的纯比特币矿商之一，拥有不断扩大的数据中心布局。</p>
<p>最近的举措，包括 TeraWulf 与其 Fluidstack 合资企业相关的项目融资，以及 Riot Platforms 在 11 月的稳定比特币生产和基础设施扩展，突显了它们如何适应快速发展的挖矿和计算环境。</p>
<p>那么，哪只股票的上涨潜力更大，TeraWulf 还是 Riot Platforms？让我们来看看。</p>
<h3><strong>TeraWulf 股票的理由</strong></h3>
<p>该公司从比特币挖矿转型为人工智能和高性能计算基础设施的演变伴随着若干结构性风险和实施挑战。尽管 TeraWulf 在 Lake Mariner 维持着 245 兆瓦的挖矿能力，但由于比特币价格波动、网络难度上升和减半相关压力，收入仍面临风险。这种风险在 2025 年第三季度比特币产量稳步下降至 377 BTC 时显而易见。</p>
<p>高性能计算的扩展显著增加了 TeraWulf 的资本强度和杠杆。该公司在 2025 年通过可转换债券和担保债务筹集了超过 50 亿美元，使总债务达到约 15 亿美元。高杠杆增加了再融资和利息支出风险，并导致严重的收益波动，包括与 2025 年第三季度非现金重估相关的大额 GAAP 亏损。</p>
<p>TeraWulf 面临着执行大规模数据中心建设的挑战、人工智能和高性能计算扩展带来的更高运营费用，以及对比特币波动的持续敏感性。在这种背景下，该公司的股票在交易周内下跌近 11%，至 11.57 美元，因为投资者对沉重的人工智能支出感到担忧。</p>
<p>尽管如此，TeraWulf 受益于低成本、清洁的电力、垂直整合的场地开发以及长期的、信用增强的高性能计算租赁。在 2025 年第三季度，该公司开始产生经常性高性能计算租赁收入，并获得超过 160 亿美元的长期高性能计算合同，包括由谷歌支持的 Fluidstack 租赁，提供了强大的收入可见性。</p>
<p>机会在于人工智能和超大规模需求。管理层重申了每年合同化 250-500 兆瓦新高性能计算能力的目标，得到了 Lake Mariner 的扩展、德克萨斯州的 Abernathy 合资企业（最高可达 600 兆瓦）以及 2027 年开始的长期 Cayuga 场地租赁的支持。</p>
<p>Zacks 共识估计 2026 年第一季度的亏损目前定为每股 18 美分，过去 30 天未变，略差于去年同期报告的每股 16 美分的亏损。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/f7/137825.jpg/query-dj0xOTcyOTE3ODg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/f7/137825.jpg/query-dj0xOTcyOTE3ODg"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>Riot Platforms 股票的理由</strong></h3>
<p>Riot Platforms 正在从纯比特币矿商转型为数据中心开发模型，得益于其垂直整合的运营和完全获得许可的土地和电力组合。在 2025 年第三季度，该公司在德克萨斯州和肯塔基州的挖矿地点运营着约 1.86 吉瓦的电力容量，为未来的人工智能和高性能计算扩展做好了准备。</p>
<p>Riot Platforms 的关键优势包括其大规模、低成本电力接入和财务灵活性。在第三季度，该公司产生了 1.802 亿美元的收入，主要来自比特币挖矿，并报告净收入为 1.045 亿美元，得益于强劲的运营杠杆和 3070 万美元的电力削减信用。</p>
<p>Riot Platforms 的增长机会在于 Corsicana 站点的人工智能和高性能计算开发，该站点的两座数据中心建筑的核心和外壳建设已开始，具备 112 兆瓦的关键 IT 容量。该校园计划逐步扩展到 1 吉瓦，管理层提到正在与超大规模客户、neocloud 和企业客户进行持续的租赁谈判，创造了潜在的上行空间。</p>
<p>尽管有增长计划，该公司面临着约 2.14 亿美元的 Corsicana 建设的短期资本支出压力以及持续的比特币市场波动。这些因素对生产造成了压力，2025 年 11 月的生产同比下降了 14%，环比下降了 2%。</p>
<p>Zacks 共识估计 2026 年第一季度的亏损目前定为每股 20 美分，过去 30 天未变，较去年同期报告的每股 90 美分的亏损有了显著改善。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/fd/137826.jpg/query-dj0xNTc4NDMzMTAy?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/fd/137826.jpg/query-dj0xNTc4NDMzMTAy"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>TeraWulf 与 Riot Platforms：价格表现与估值</strong></h3>
<p>在过去六个月中，TeraWulf 的股价飙升 215.3%，远超 Riot Platforms 的 40% 增长和金融 - 杂项服务行业的 5.4% 下降。然而，TeraWulf 的急剧上涨伴随着更高的风险，包括沉重的债务、持续的亏损、认股权证负债和高成本的高性能计算扩展，这些都削弱了灵活性并增加了执行风险。</p>
<p>相比之下，Riot Platforms 提供了更为平衡的配置，其每可用兆瓦的企业价值比率较低，并且拥有一支经验丰富的内部开发团队，已完成超过 200 个项目，从而降低了在 AI 重点扩展过程中执行风险。</p>
<h3><strong>股票表现</strong></h3>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/cb/137827.jpg/query-dj0zNDk3NjExNjU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/cb/137827.jpg/query-dj0zNDk3NjExNjU"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<p>TeraWulf 和 Riot Platforms 目前都被高估，二者的价值评分均为 F。</p>
<p>在估值方面，TeraWulf 的未来 12 个月市销率 (P/S) 为 13.71，是 Riot Platforms 的 6.8 的两倍多。TeraWulf 较高的倍数反映了乐观情绪，但也增加了对执行和融资风险的敏感性，而 Riot Platforms 较低的估值则提供了更为保守和吸引人的入场点。</p>
<h3><strong>未来 12 个月市销率</strong></h3>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/95/137828.jpg/query-dj03MDE5NzAwNDQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/95/137828.jpg/query-dj03MDE5NzAwNDQ"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>结论</strong></h3>
<p>虽然 TeraWulf 提供了强劲的 AI 和高性能计算增长潜力，但其溢价估值、更高的杠杆率以及由于资本密集型扩展带来的执行风险使得该股票风险更大。Riot Platforms 则以更大的规模、更低的每兆瓦企业价值比率、来自比特币挖矿的稳定现金生成以及经过验证的内部开发记录而脱颖而出。</p>
<p>凭借更强的财务灵活性来支持 AI 扩展以及更为保守的估值，Riot Platforms 提供了更持久的上行潜力，因此成为更好的投资选择。Riot Platforms 目前的 Zacks 排名为 #3（持有），而 TeraWulf 目前的 Zacks 排名为 #4（卖出）。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>3 只受益于供应链转变的制造股票，展望 2026 年</p>
<p>3 只接近历史高点的股票：COF、MAR、TSLA</p>
<p>3 只大型混合型共同基金，适合在 2026 年前购买</p>

RIOT

WULF

<p>这篇文章比较了 TeraWulf 和 Riot Platforms 这两家比特币矿商，重点关注它们向人工智能和高性能计算基础设施的转型。TeraWulf 面临高债务和执行挑战的风险，而 Riot Platforms 则受益于大规模运营和财务灵活性。尽管 TeraWulf 的股票大幅上涨，但其风险更高。Riot Platforms 在人工智能和高性能计算发展方面显示出增长潜力。两家公司都面临比特币市场的波动，这影响了它们的生产和财务表现</p>

<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/30/101803.jpg" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/main/30/101803.jpg"/></p>
<p><em>Image: Bigstock</em></p>
<div class="lb-trans"><p><em>图片来源：Bigstock</em></p>
</div><h3><strong>Key Takeaways</strong></h3>
<div class="lb-trans"><h3><strong>关键要点</strong></h3>
</div><ul>
<li>Riot Platforms operates 1.86 GW of power capacity, supporting Bitcoin mining today and AI/HPC growth ahead.</li>
<li>Riot Platforms reported strong Q3 revenues and net income, aided by operating leverage and power curtailment credits.</li>
<li>TeraWulf's AI push brings long-term contracts, but heavy debt, losses, and execution risk pressure the stock.</li>
</ul>
<div class="lb-trans"><ul>
<li>Riot Platforms 运营着 1.86 吉瓦的电力容量，支持当前的比特币挖矿和未来的人工智能/高性能计算增长。</li>
<li>Riot Platforms 报告了强劲的第三季度收入和净收入，得益于运营杠杆和电力削减信用。</li>
<li>TeraWulf 的人工智能推动带来了长期合同，但沉重的债务、亏损和执行风险给股票带来了压力。</li>
</ul>
</div><p>The Bitcoin mining sector is in a transition phase as operators are increasingly focusing on digital infrastructure and AI hosting to diversify revenues. TeraWulf (WULF - Free Report) and Riot Platforms (RIOT - Free Report) are publicly traded Bitcoin miners in the United States that operate large-scale facilities powered by low-cost energy.</p>
<div class="lb-trans"><p>比特币挖矿行业正处于转型阶段，运营商越来越关注数字基础设施和人工智能托管，以实现收入多元化。TeraWulf（WULF - 免费报告）和 Riot Platforms（RIOT - 免费报告）是美国上市的比特币矿商，运营着由低成本能源驱动的大规模设施。</p>
</div><p>TeraWulf differentiates itself through a strong focus on zero-carbon energy and expanding AI and high-performance computing capacity via joint ventures, while Riot Platforms stands out as one of the largest pure-play miners with a growing data-center footprint.</p>
<div class="lb-trans"><p>TeraWulf 通过强烈关注零碳能源和通过合资企业扩展人工智能和高性能计算能力来实现差异化，而 Riot Platforms 则作为最大的纯比特币矿商之一，拥有不断扩大的数据中心布局。</p>
</div><p>Recent moves, including TeraWulf’s secured-project financing tied to its Fluidstack joint venture and Riot Platforms’ stable November BTC production and infrastructure expansion, highlight how each are adapting to a rapidly evolving mining and computing landscape.</p>
<div class="lb-trans"><p>最近的举措，包括 TeraWulf 与其 Fluidstack 合资企业相关的项目融资，以及 Riot Platforms 在 11 月的稳定比特币生产和基础设施扩展，突显了它们如何适应快速发展的挖矿和计算环境。</p>
</div><p>So, which stock offers greater upside, TeraWulf or Riot Platforms? Let’s find out.</p>
<div class="lb-trans"><p>那么，哪只股票的上涨潜力更大，TeraWulf 还是 Riot Platforms？让我们来看看。</p>
</div><h3><strong>The Case for TeraWulf Stock</strong></h3>
<div class="lb-trans"><h3><strong>TeraWulf 股票的理由</strong></h3>
</div><p>The company's evolution from Bitcoin mining to AI and HPC infrastructure is associated with several structural risks and implementation challenges. Although TeraWulf maintains 245 megawatts of mining capacity at Lake Mariner, revenues are still at risk due to Bitcoin price volatility, rising network difficulty, and halving-related pressures. This exposure was evident as Bitcoin output steadily declined to 377 BTC in the third quarter of 2025.</p>
<div class="lb-trans"><p>该公司从比特币挖矿转型为人工智能和高性能计算基础设施的演变伴随着若干结构性风险和实施挑战。尽管 TeraWulf 在 Lake Mariner 维持着 245 兆瓦的挖矿能力，但由于比特币价格波动、网络难度上升和减半相关压力，收入仍面临风险。这种风险在 2025 年第三季度比特币产量稳步下降至 377 BTC 时显而易见。</p>
</div><p>HPC expansion has materially increased TeraWulf’s capital intensity and leverage. The company raised more than $5 billion in 2025 through convertible notes and secured debt, pushing total debt to roughly $1.5 billion. High leverage increases refinancing and interest expense risk and contributes to severe earnings volatility, including a large GAAP loss associated with a non-cash revaluation in the third quarter of 2025.</p>
<div class="lb-trans"><p>高性能计算的扩展显著增加了 TeraWulf 的资本强度和杠杆。该公司在 2025 年通过可转换债券和担保债务筹集了超过 50 亿美元，使总债务达到约 15 亿美元。高杠杆增加了再融资和利息支出风险，并导致严重的收益波动，包括与 2025 年第三季度非现金重估相关的大额 GAAP 亏损。</p>
</div><p>TeraWulf faces challenges from executing large-scale data center builds, higher operating expenses from AI and HPC expansion, and continued sensitivity to Bitcoin volatility. Against this backdrop, the company's stock fell nearly 11% to $11.57 during the trading week as investors became wary of heavy AI spending.</p>
<div class="lb-trans"><p>TeraWulf 面临着执行大规模数据中心建设的挑战、人工智能和高性能计算扩展带来的更高运营费用，以及对比特币波动的持续敏感性。在这种背景下，该公司的股票在交易周内下跌近 11%，至 11.57 美元，因为投资者对沉重的人工智能支出感到担忧。</p>
</div><p>Nonetheless, TeraWulf benefits from low-cost, clean power, vertically integrated site development and long-term, credit-enhanced HPC leases. During the third quarter of 2025, the company commenced recurring HPC lease revenues and secured over $16 billion in long-term HPC contracts, including Fluidstack leases backed by Google, providing strong revenue visibility.</p>
<div class="lb-trans"><p>尽管如此，TeraWulf 受益于低成本、清洁的电力、垂直整合的场地开发以及长期的、信用增强的高性能计算租赁。在 2025 年第三季度，该公司开始产生经常性高性能计算租赁收入，并获得超过 160 亿美元的长期高性能计算合同，包括由谷歌支持的 Fluidstack 租赁，提供了强大的收入可见性。</p>
</div><p>Opportunities lie in AI and hyperscale demand. Management reaffirmed a target of 250-500 MW of new HPC capacity contracted annually, supported by expansion at Lake Mariner, the Abernathy JV in Texas (up to 600 MW), and the long-dated Cayuga site lease beginning in 2027.</p>
<div class="lb-trans"><p>机会在于人工智能和超大规模需求。管理层重申了每年合同化 250-500 兆瓦新高性能计算能力的目标，得到了 Lake Mariner 的扩展、德克萨斯州的 Abernathy 合资企业（最高可达 600 兆瓦）以及 2027 年开始的长期 Cayuga 场地租赁的支持。</p>
</div><p>The Zacks Consensus Estimate for the first quarter of 2026 loss is currently pegged at 18 cents per share, unchanged over the past 30 days, slightly worse than a loss of 16 cents reported a year ago.</p>
<div class="lb-trans"><p>Zacks 共识估计 2026 年第一季度的亏损目前定为每股 18 美分，过去 30 天未变，略差于去年同期报告的每股 16 美分的亏损。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/f7/137825.jpg/query-dj0xOTcyOTE3ODg" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/f7/137825.jpg?v=197291788"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>The Case for Riot Platforms Stock</strong></h3>
<div class="lb-trans"><h3><strong>Riot Platforms 股票的理由</strong></h3>
</div><p>Riot Platforms is transitioning from a pure-play Bitcoin miner toward a data center development model, supported by its vertically integrated operations and fully permitted land and power portfolio. In the third quarter of 2025, the company operated Texas and Kentucky mining sites with approximately 1.86 GW of power capacity, positioning it for future AI and HPC expansion.</p>
<div class="lb-trans"><p>Riot Platforms 正在从纯比特币矿商转型为数据中心开发模型，得益于其垂直整合的运营和完全获得许可的土地和电力组合。在 2025 年第三季度，该公司在德克萨斯州和肯塔基州的挖矿地点运营着约 1.86 吉瓦的电力容量，为未来的人工智能和高性能计算扩展做好了准备。</p>
</div><p>Key advantages for Riot Platforms include its large scale, low-cost power access and financial flexibility. In the third quarter, the company generated $180.2 million in revenues, primarily from Bitcoin mining, and reported net income of $104.5 million, benefiting from strong operating leverage and power curtailment credits of $30.7 million.</p>
<div class="lb-trans"><p>Riot Platforms 的关键优势包括其大规模、低成本电力接入和财务灵活性。在第三季度，该公司产生了 1.802 亿美元的收入，主要来自比特币挖矿，并报告净收入为 1.045 亿美元，得益于强劲的运营杠杆和 3070 万美元的电力削减信用。</p>
</div><p>Riot Platforms’ growth opportunity lies in AI and HPC development at the Corsicana site, where Core &amp; Shell construction has started on two data center buildings with 112 MW of critical IT capacity. The campus is planned to scale to 1 GW over time, and management noted ongoing leasing talks with hyperscaler, neocloud, and enterprise customers, creating potential upside as contracts are executed.</p>
<div class="lb-trans"><p>Riot Platforms 的增长机会在于 Corsicana 站点的人工智能和高性能计算开发，该站点的两座数据中心建筑的核心和外壳建设已开始，具备 112 兆瓦的关键 IT 容量。该校园计划逐步扩展到 1 吉瓦，管理层提到正在与超大规模客户、neocloud 和企业客户进行持续的租赁谈判，创造了潜在的上行空间。</p>
</div><p>Despite growth plans, the company faces pressure from roughly $214 million in near-term capex for the Corsicana buildout and ongoing Bitcoin market volatility. These factors weighed on production, which fell 14% year-over-year to 428 in November 2025 and decreased 2% sequentially.</p>
<div class="lb-trans"><p>尽管有增长计划，该公司面临着约 2.14 亿美元的 Corsicana 建设的短期资本支出压力以及持续的比特币市场波动。这些因素对生产造成了压力，2025 年 11 月的生产同比下降了 14%，环比下降了 2%。</p>
</div><p>The Zacks Consensus Estimate for the first quarter 2026 loss is currently pegged at 20 cents per share, unchanged over the past 30 days, representing a sharp improvement from the 90-cent loss reported in the year-ago quarter.</p>
<div class="lb-trans"><p>Zacks 共识估计 2026 年第一季度的亏损目前定为每股 20 美分，过去 30 天未变，较去年同期报告的每股 90 美分的亏损有了显著改善。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/fd/137826.jpg/query-dj0xNTc4NDMzMTAy" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/fd/137826.jpg?v=1578433102"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>TeraWulf vs. Riot Platforms: Price Performance &amp; Valuation</strong></h3>
<div class="lb-trans"><h3><strong>TeraWulf 与 Riot Platforms：价格表现与估值</strong></h3>
</div><p>Over the past six months, TeraWulf shares have soared 215.3%, far outpacing Riot Platforms’ 40% gain and the Financial - Miscellaneous Services industry’s 5.4% decline. However, TeraWulf’s sharp rise comes with higher risk, including heavy debt, ongoing losses, warrant liabilities, and costly HPC expansion that strains flexibility and raises execution risk.</p>
<div class="lb-trans"><p>在过去六个月中，TeraWulf 的股价飙升 215.3%，远超 Riot Platforms 的 40% 增长和金融 - 杂项服务行业的 5.4% 下降。然而，TeraWulf 的急剧上涨伴随着更高的风险，包括沉重的债务、持续的亏损、认股权证负债和高成本的高性能计算扩展，这些都削弱了灵活性并增加了执行风险。</p>
</div><p>In contrast, Riot Platforms offers a more balanced profile, with a lower EV per available megawatt ratio and an experienced in-house development team that has completed more than 200 projects, reducing execution risk as its AI-focused expansion progresses.</p>
<div class="lb-trans"><p>相比之下，Riot Platforms 提供了更为平衡的配置，其每可用兆瓦的企业价值比率较低，并且拥有一支经验丰富的内部开发团队，已完成超过 200 个项目，从而降低了在 AI 重点扩展过程中执行风险。</p>
</div><h3><strong>Stock Performance</strong></h3>
<div class="lb-trans"><h3><strong>股票表现</strong></h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/cb/137827.jpg/query-dj0zNDk3NjExNjU" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/cb/137827.jpg?v=349761165"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><p>Both TeraWulf and Riot Platforms' are currently overvalued, as suggested by a shared Value Score of F.</p>
<div class="lb-trans"><p>TeraWulf 和 Riot Platforms 目前都被高估，二者的价值评分均为 F。</p>
</div><p>On the valuation front, TeraWulf trades at a forward 12-month price-to-sales (P/S) multiple of 13.71, more than double Riot Platforms’ 6.8. TeraWulf’s higher multiple reflects optimism but increases sensitivity to execution and financing risks, whereas Riot Platforms’ lower valuation offers a more conservative and appealing entry point.</p>
<div class="lb-trans"><p>在估值方面，TeraWulf 的未来 12 个月市销率 (P/S) 为 13.71，是 Riot Platforms 的 6.8 的两倍多。TeraWulf 较高的倍数反映了乐观情绪，但也增加了对执行和融资风险的敏感性，而 Riot Platforms 较低的估值则提供了更为保守和吸引人的入场点。</p>
</div><h3><strong>Price-to-Sales Forward 12-Month Ratio</strong></h3>
<div class="lb-trans"><h3><strong>未来 12 个月市销率</strong></h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/95/137828.jpg/query-dj03MDE5NzAwNDQ" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/95/137828.jpg?v=701970044"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>While TeraWulf offers strong AI and HPC growth potential, its premium valuation, higher leverage, and increased execution risk from capital-intensive expansion make the stock riskier. Riot Platforms stands out with greater scale, lower EV per megawatt ratio, steadier cash generation from Bitcoin mining, and a proven in-house development track record.</p>
<div class="lb-trans"><p>虽然 TeraWulf 提供了强劲的 AI 和高性能计算增长潜力，但其溢价估值、更高的杠杆率以及由于资本密集型扩展带来的执行风险使得该股票风险更大。Riot Platforms 则以更大的规模、更低的每兆瓦企业价值比率、来自比特币挖矿的稳定现金生成以及经过验证的内部开发记录而脱颖而出。</p>
</div><p>With stronger financial flexibility to fund AI expansion and a more conservative valuation, Riot Platforms provides to have more durable upside and thus emerges as the better investment choice. Riot Platforms currently carries a Zacks Rank #3 (Hold) rating, whereas TeraWulf presently maintains a Zacks Rank #4 (Sell) rating.</p>
<div class="lb-trans"><p>凭借更强的财务灵活性来支持 AI 扩展以及更为保守的估值，Riot Platforms 提供了更持久的上行潜力，因此成为更好的投资选择。Riot Platforms 目前的 Zacks 排名为 #3（持有），而 TeraWulf 目前的 Zacks 排名为 #4（卖出）。</p>
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TeraWulf 与 Riot Platforms：哪个比特币矿业股是更明智的投资选择？