<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>圖片來源：Bigstock</em></p>
<h3><strong>關鍵要點</strong></h3>
<ul>
<li>Riot Platforms 運營着 1.86 吉瓦的電力容量，支持當前的比特幣挖礦和未來的人工智能/高性能計算增長。</li>
<li>Riot Platforms 報告了強勁的第三季度收入和淨收入，得益於運營槓桿和電力削減信用。</li>
<li>TeraWulf 的人工智能推動帶來了長期合同，但沉重的債務、虧損和執行風險給股票帶來了壓力。</li>
</ul>
<p>比特幣挖礦行業正處於轉型階段，運營商越來越關注數字基礎設施和人工智能託管，以實現收入多元化。TeraWulf（WULF - 免費報告）和 Riot Platforms（RIOT - 免費報告）是美國上市的比特幣礦商，運營着由低成本能源驅動的大規模設施。</p>
<p>TeraWulf 通過強烈關注零碳能源和通過合資企業擴展人工智能和高性能計算能力來實現差異化，而 Riot Platforms 則作為最大的純比特幣礦商之一，擁有不斷擴大的數據中心佈局。</p>
<p>最近的舉措，包括 TeraWulf 與其 Fluidstack 合資企業相關的項目融資，以及 Riot Platforms 在 11 月的穩定比特幣生產和基礎設施擴展，突顯了它們如何適應快速發展的挖礦和計算環境。</p>
<p>那麼，哪隻股票的上漲潛力更大，TeraWulf 還是 Riot Platforms？讓我們來看看。</p>
<h3><strong>TeraWulf 股票的理由</strong></h3>
<p>該公司從比特幣挖礦轉型為人工智能和高性能計算基礎設施的演變伴隨着若干結構性風險和實施挑戰。儘管 TeraWulf 在 Lake Mariner 維持着 245 兆瓦的挖礦能力，但由於比特幣價格波動、網絡難度上升和減半相關壓力，收入仍面臨風險。這種風險在 2025 年第三季度比特幣產量穩步下降至 377 BTC 時顯而易見。</p>
<p>高性能計算的擴展顯著增加了 TeraWulf 的資本強度和槓桿。該公司在 2025 年通過可轉換債券和擔保債務籌集了超過 50 億美元，使總債務達到約 15 億美元。高槓杆增加了再融資和利息支出風險，並導致嚴重的收益波動，包括與 2025 年第三季度非現金重估相關的大額 GAAP 虧損。</p>
<p>TeraWulf 面臨着執行大規模數據中心建設的挑戰、人工智能和高性能計算擴展帶來的更高運營費用，以及對比特幣波動的持續敏感性。在這種背景下，該公司的股票在交易周內下跌近 11%，至 11.57 美元，因為投資者對沉重的人工智能支出感到擔憂。</p>
<p>儘管如此，TeraWulf 受益於低成本、清潔的電力、垂直整合的場地開發以及長期的、信用增強的高性能計算租賃。在 2025 年第三季度，該公司開始產生經常性高性能計算租賃收入，並獲得超過 160 億美元的長期高性能計算合同，包括由谷歌支持的 Fluidstack 租賃，提供了強大的收入可見性。</p>
<p>機會在於人工智能和超大規模需求。管理層重申了每年合同化 250-500 兆瓦新高性能計算能力的目標，得到了 Lake Mariner 的擴展、德克薩斯州的 Abernathy 合資企業（最高可達 600 兆瓦）以及 2027 年開始的長期 Cayuga 場地租賃的支持。</p>
<p>Zacks 共識估計 2026 年第一季度的虧損目前定為每股 18 美分，過去 30 天未變，略差於去年同期報告的每股 16 美分的虧損。</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>圖片來源：Zacks 投資研究</em></p>
<h3><strong>Riot Platforms 股票的理由</strong></h3>
<p>Riot Platforms 正在從純比特幣礦商轉型為數據中心開發模型，得益於其垂直整合的運營和完全獲得許可的土地和電力組合。在 2025 年第三季度，該公司在德克薩斯州和肯塔基州的挖礦地點運營着約 1.86 吉瓦的電力容量，為未來的人工智能和高性能計算擴展做好了準備。</p>
<p>Riot Platforms 的關鍵優勢包括其大規模、低成本電力接入和財務靈活性。在第三季度，該公司產生了 1.802 億美元的收入，主要來自比特幣挖礦，並報告淨收入為 1.045 億美元，得益於強勁的運營槓桿和 3070 萬美元的電力削減信用。</p>
<p>Riot Platforms 的增長機會在於 Corsicana 站點的人工智能和高性能計算開發，該站點的兩座數據中心建築的核心和外殼建設已開始，具備 112 兆瓦的關鍵 IT 容量。該校園計劃逐步擴展到 1 吉瓦，管理層提到正在與超大規模客户、neocloud 和企業客户進行持續的租賃談判，創造了潛在的上行空間。</p>
<p>儘管有增長計劃，該公司面臨着約 2.14 億美元的 Corsicana 建設的短期資本支出壓力以及持續的比特幣市場波動。這些因素對生產造成了壓力，2025 年 11 月的生產同比下降了 14%，環比下降了 2%。</p>
<p>Zacks 共識估計 2026 年第一季度的虧損目前定為每股 20 美分，過去 30 天未變，較去年同期報告的每股 90 美分的虧損有了顯著改善。</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>圖片來源：Zacks 投資研究</em></p>
<h3><strong>TeraWulf 與 Riot Platforms：價格表現與估值</strong></h3>
<p>在過去六個月中，TeraWulf 的股價飆升 215.3%，遠超 Riot Platforms 的 40% 增長和金融 - 雜項服務行業的 5.4% 下降。然而，TeraWulf 的急劇上漲伴隨着更高的風險，包括沉重的債務、持續的虧損、認股權證負債和高成本的高性能計算擴展，這些都削弱了靈活性並增加了執行風險。</p>
<p>相比之下，Riot Platforms 提供了更為平衡的配置，其每可用兆瓦的企業價值比率較低，並且擁有一支經驗豐富的內部開發團隊，已完成超過 200 個項目，從而降低了在 AI 重點擴展過程中執行風險。</p>
<h3><strong>股票表現</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>圖片來源：Zacks 投資研究</em></p>
<p>TeraWulf 和 Riot Platforms 目前都被高估，二者的價值評分均為 F。</p>
<p>在估值方面，TeraWulf 的未來 12 個月市銷率 (P/S) 為 13.71，是 Riot Platforms 的 6.8 的兩倍多。TeraWulf 較高的倍數反映了樂觀情緒，但也增加了對執行和融資風險的敏感性，而 Riot Platforms 較低的估值則提供了更為保守和吸引人的入場點。</p>
<h3><strong>未來 12 個月市銷率</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>圖片來源：Zacks 投資研究</em></p>
<h3><strong>結論</strong></h3>
<p>雖然 TeraWulf 提供了強勁的 AI 和高性能計算增長潛力，但其溢價估值、更高的槓桿率以及由於資本密集型擴展帶來的執行風險使得該股票風險更大。Riot Platforms 則以更大的規模、更低的每兆瓦企業價值比率、來自比特幣挖礦的穩定現金生成以及經過驗證的內部開發記錄而脱穎而出。</p>
<p>憑藉更強的財務靈活性來支持 AI 擴展以及更為保守的估值，Riot Platforms 提供了更持久的上行潛力，因此成為更好的投資選擇。Riot Platforms 目前的 Zacks 排名為 #3（持有），而 TeraWulf 目前的 Zacks 排名為 #4（賣出）。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>3 只受益於供應鏈轉變的製造股票，展望 2026 年</p>
<p>3 只接近歷史高點的股票：COF、MAR、TSLA</p>
<p>3 只大型混合型共同基金，適合在 2026 年前購買</p>

RIOT

WULF

<p>這篇文章比較了 TeraWulf 和 Riot Platforms 這兩家比特幣礦商，重點關注它們向人工智能和高性能計算基礎設施的轉型。TeraWulf 面臨高債務和執行挑戰的風險，而 Riot Platforms 則受益於大規模運營和財務靈活性。儘管 TeraWulf 的股票大幅上漲，但其風險更高。Riot Platforms 在人工智能和高性能計算發展方面顯示出增長潛力。兩家公司都面臨比特幣市場的波動，這影響了它們的生產和財務表現</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>圖片來源：Bigstock</em></p>
</div><h3><strong>Key Takeaways</strong></h3>
<div class="lb-trans"><h3><strong>關鍵要點</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 運營着 1.86 吉瓦的電力容量，支持當前的比特幣挖礦和未來的人工智能/高性能計算增長。</li>
<li>Riot Platforms 報告了強勁的第三季度收入和淨收入，得益於運營槓桿和電力削減信用。</li>
<li>TeraWulf 的人工智能推動帶來了長期合同，但沉重的債務、虧損和執行風險給股票帶來了壓力。</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>比特幣挖礦行業正處於轉型階段，運營商越來越關注數字基礎設施和人工智能託管，以實現收入多元化。TeraWulf（WULF - 免費報告）和 Riot Platforms（RIOT - 免費報告）是美國上市的比特幣礦商，運營着由低成本能源驅動的大規模設施。</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 通過強烈關注零碳能源和通過合資企業擴展人工智能和高性能計算能力來實現差異化，而 Riot Platforms 則作為最大的純比特幣礦商之一，擁有不斷擴大的數據中心佈局。</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>最近的舉措，包括 TeraWulf 與其 Fluidstack 合資企業相關的項目融資，以及 Riot Platforms 在 11 月的穩定比特幣生產和基礎設施擴展，突顯了它們如何適應快速發展的挖礦和計算環境。</p>
</div><p>So, which stock offers greater upside, TeraWulf or Riot Platforms? Let’s find out.</p>
<div class="lb-trans"><p>那麼，哪隻股票的上漲潛力更大，TeraWulf 還是 Riot Platforms？讓我們來看看。</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>該公司從比特幣挖礦轉型為人工智能和高性能計算基礎設施的演變伴隨着若干結構性風險和實施挑戰。儘管 TeraWulf 在 Lake Mariner 維持着 245 兆瓦的挖礦能力，但由於比特幣價格波動、網絡難度上升和減半相關壓力，收入仍面臨風險。這種風險在 2025 年第三季度比特幣產量穩步下降至 377 BTC 時顯而易見。</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>高性能計算的擴展顯著增加了 TeraWulf 的資本強度和槓桿。該公司在 2025 年通過可轉換債券和擔保債務籌集了超過 50 億美元，使總債務達到約 15 億美元。高槓杆增加了再融資和利息支出風險，並導致嚴重的收益波動，包括與 2025 年第三季度非現金重估相關的大額 GAAP 虧損。</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 面臨着執行大規模數據中心建設的挑戰、人工智能和高性能計算擴展帶來的更高運營費用，以及對比特幣波動的持續敏感性。在這種背景下，該公司的股票在交易周內下跌近 11%，至 11.57 美元，因為投資者對沉重的人工智能支出感到擔憂。</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>儘管如此，TeraWulf 受益於低成本、清潔的電力、垂直整合的場地開發以及長期的、信用增強的高性能計算租賃。在 2025 年第三季度，該公司開始產生經常性高性能計算租賃收入，並獲得超過 160 億美元的長期高性能計算合同，包括由谷歌支持的 Fluidstack 租賃，提供了強大的收入可見性。</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>機會在於人工智能和超大規模需求。管理層重申了每年合同化 250-500 兆瓦新高性能計算能力的目標，得到了 Lake Mariner 的擴展、德克薩斯州的 Abernathy 合資企業（最高可達 600 兆瓦）以及 2027 年開始的長期 Cayuga 場地租賃的支持。</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 共識估計 2026 年第一季度的虧損目前定為每股 18 美分，過去 30 天未變，略差於去年同期報告的每股 16 美分的虧損。</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>圖片來源：Zacks 投資研究</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 正在從純比特幣礦商轉型為數據中心開發模型，得益於其垂直整合的運營和完全獲得許可的土地和電力組合。在 2025 年第三季度，該公司在德克薩斯州和肯塔基州的挖礦地點運營着約 1.86 吉瓦的電力容量，為未來的人工智能和高性能計算擴展做好了準備。</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 的關鍵優勢包括其大規模、低成本電力接入和財務靈活性。在第三季度，該公司產生了 1.802 億美元的收入，主要來自比特幣挖礦，並報告淨收入為 1.045 億美元，得益於強勁的運營槓桿和 3070 萬美元的電力削減信用。</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 的增長機會在於 Corsicana 站點的人工智能和高性能計算開發，該站點的兩座數據中心建築的核心和外殼建設已開始，具備 112 兆瓦的關鍵 IT 容量。該校園計劃逐步擴展到 1 吉瓦，管理層提到正在與超大規模客户、neocloud 和企業客户進行持續的租賃談判，創造了潛在的上行空間。</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>儘管有增長計劃，該公司面臨着約 2.14 億美元的 Corsicana 建設的短期資本支出壓力以及持續的比特幣市場波動。這些因素對生產造成了壓力，2025 年 11 月的生產同比下降了 14%，環比下降了 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 共識估計 2026 年第一季度的虧損目前定為每股 20 美分，過去 30 天未變，較去年同期報告的每股 90 美分的虧損有了顯著改善。</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>圖片來源：Zacks 投資研究</em></p>
</div><h3><strong>TeraWulf vs. Riot Platforms: Price Performance &amp; Valuation</strong></h3>
<div class="lb-trans"><h3><strong>TeraWulf 與 Riot Platforms：價格表現與估值</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>在過去六個月中，TeraWulf 的股價飆升 215.3%，遠超 Riot Platforms 的 40% 增長和金融 - 雜項服務行業的 5.4% 下降。然而，TeraWulf 的急劇上漲伴隨着更高的風險，包括沉重的債務、持續的虧損、認股權證負債和高成本的高性能計算擴展，這些都削弱了靈活性並增加了執行風險。</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 提供了更為平衡的配置，其每可用兆瓦的企業價值比率較低，並且擁有一支經驗豐富的內部開發團隊，已完成超過 200 個項目，從而降低了在 AI 重點擴展過程中執行風險。</p>
</div><h3><strong>Stock Performance</strong></h3>
<div class="lb-trans"><h3><strong>股票表現</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>圖片來源：Zacks 投資研究</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，二者的價值評分均為 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 的未來 12 個月市銷率 (P/S) 為 13.71，是 Riot Platforms 的 6.8 的兩倍多。TeraWulf 較高的倍數反映了樂觀情緒，但也增加了對執行和融資風險的敏感性，而 Riot Platforms 較低的估值則提供了更為保守和吸引人的入場點。</p>
</div><h3><strong>Price-to-Sales Forward 12-Month Ratio</strong></h3>
<div class="lb-trans"><h3><strong>未來 12 個月市銷率</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>圖片來源：Zacks 投資研究</em></p>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>結論</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>雖然 TeraWulf 提供了強勁的 AI 和高性能計算增長潛力，但其溢價估值、更高的槓桿率以及由於資本密集型擴展帶來的執行風險使得該股票風險更大。Riot Platforms 則以更大的規模、更低的每兆瓦企業價值比率、來自比特幣挖礦的穩定現金生成以及經過驗證的內部開發記錄而脱穎而出。</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>憑藉更強的財務靈活性來支持 AI 擴展以及更為保守的估值，Riot Platforms 提供了更持久的上行潛力，因此成為更好的投資選擇。Riot Platforms 目前的 Zacks 排名為 #3（持有），而 TeraWulf 目前的 Zacks 排名為 #4（賣出）。</p>
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TeraWulf 與 Riot Platforms：哪個比特幣礦業股是更明智的投資選擇？