Riot Platforms is expanding beyond pure Bitcoin mining. They signed a long-term data center lease with AMD and bought 200 acres in Rockdale, Texas. The stock is up roughly 25% in the last month, trading at $18.10. Valuation looks steep compared to competitors. It's trading at a 41x P/E ratio, well above the peer average of 19.7x and the software industry average of 30.9x. The market seems to be baking in a lot of optimism for the data center strategy, but the numbers suggest it's currently overvalued based on earnings.