Citi Hot Research: Financials and Fintech
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Citi's weekly hot-research digest for financials and fintech (August 10-16, 2026) leads with Riot Platforms. The company signed a US$9.1bn, 20-year Rockdale data-center lease with an undisclosed top-tier frontier AI lab covering 191MW of critical IT capacity; combined with the AMD lease, contracted data-center revenue totals US$9.8bn. A US$573m bridge facility is secured and US$1.2bn liquidity means no equity issuance. Corsicana has an LOI with a single tenant, offering a path toward roughly 1GW of leased critical capacity. Citi raised its target from US$28 to US$32 (Buy/High Risk), valuing 241MW contracted, 359MW infrastructure-ready and 756MW LOI-stage capacity, the latter at US$3m/MW—about an 80% discount to contracted capacity. Models show 2028E data-center revenue of US$490.9m and EBITDA of US$336.5m (68.5% margin), with contracted load reaching 241MW from end-2027 at US$160/kW/month. On Nordic banks, intensifying competition—especially in Sweden—drove SHB's downgrade to Sell post-results; Danske remains top pick, followed in preference by Nordea (Buy), DNB (Neutral), SEB (Neutral), Swedbank (Neutral) and SHB (Sell).