Premarket Movers: Riot Platforms Surges on AI Deal, Hims & Hers and Intel Decline

Premarket trading is marked by notable movements among leading stocks. Riot Platforms (RIOT), a Bitcoin mining company, stood out with a strategic move into the artificial intelligence (AI) sector. The company's shares jumped between 18% and 24% in premarket trading after reports of a 20-year, $9.1 billion deal to supply computing power to a "leading frontier AI lab," identified by Bloomberg as Anthropic. This agreement is seen as a pivotal shift for Riot, moving its business model from the volatility of Bitcoin mining towards the more stable revenue streams of AI infrastructure services.

The deal encompasses 191 megawatts of computing capacity at Riot's Rockdale, Texas campus, with the company projecting to generate between $7.3 billion and $8.2 billion in cumulative net operating income over the base term of the agreement. This strategic partnership follows Riot's mixed second-quarter financial results. While the company's Q2 revenue rose to $174.2 million, Bitcoin mining revenue declined to $113.7 million due to lower Bitcoin prices and increased network competition. Riot is bolstering its balance sheet by selling monthly Bitcoin production to finance its data center investments.

Conversely, telehealth provider Hims & Hers Health (HIMS) experienced a 7.3% decline in premarket trading after reporting its second-quarter results. The company posted a wider-than-expected loss of $0.37 per share, significantly missing analyst forecasts of just $0.05. However, revenue surged 38% year-over-year to $753 million, surpassing consensus estimates.

This disappointing earnings performance was attributed to significant margin pressure stemming from the company's ongoing transition from compounded GLP-1 medications to branded weight-loss drugs. This shift led to restructuring charges and a drop in gross margin to approximately 64%. Furthermore, free cash flow remained deeply negative at around -$68 million. While management raised its full-year 2026 revenue guidance, its Q3 adjusted EBITDA outlook came in below Wall Street's expectations. An ongoing FTC (Federal Trade Commission) lawsuit alleging that Hims & Hers shared sensitive user health data with third-party advertising platforms also continues to be an overhang on the stock.

Meanwhile, chipmaker Intel (INTC) traded lower in premarket. The company announced plans for a public offering of common stock, initially targeting $15 billion, with reports suggesting it could be upsized to roughly $20 billion, sparking concerns about shareholder dilution. Intel intends to use these funds for capital expenditures and working capital, citing strong customer demand, particularly in AI computing. The company recently raised its 2026 capital spending forecast to over $20 billion and is heavily investing in manufacturing capacity and advanced packaging to compete more directly with rivals like Taiwan Semiconductor Manufacturing Company (TSM).

The broader market is exhibiting a mixed sentiment despite these company-specific movements. S&P 500 and Nasdaq futures are trading flat or slightly down, indicating that stock performance is largely being shaped by individual corporate developments rather than broad macroeconomic factors. The upcoming Consumer Price Index (CPI) report is keenly awaited, as it could influence expectations regarding the Federal Reserve's future monetary policy moves. Additionally, a trend of money rotating out of AI chip names and into software stocks has been observed in the market.