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Kalshi betting odds gave Hong more than a 95% chance of winning on Tuesday.

Riot Platforms (RIOT) has built its company for years around one exceedingly volatile asset: Bitcoin.Artificial intelligence may be offering it a completely unique future.Riot has signed a deal with Anthropic, the company behind Claude, to offer 191 megawatts of data-center capacity at its Rockdale, Texas, site, Barron’s reported, in a deal worth about $9.1 billion for 20 years.There’s a major caveat, however. Riot is not getting $9.1 billion up front, Bloomberg noted. That sum is estimated revenue over 20 years. The overall deal’s worth may reach approximately $16.1 billion with two possible five-year extensions.Riot entered the announcement with a market worth of about $7.3 billion, according to Business Insider, suggesting the headline value of the original deal exceeds the company’s pre-deal equity value. Riot made a total revenue of $647.4 million in 2025.Shares rose after the announcement as investors reevaluated what Riot’s infrastructure was really worth.But the main story isn’t that Riot discovered a major new customer. It’s that the infrastructure built for Bitcoin mining, land, power hookups, and massive computing facilities has suddenly become appealing to an AI sector that’s desperate for electricity.The buildout may have been Bitcoin-funded.I suspect AI will eventually determine what is valuable.Riot Platforms is turning Bitcoin infrastructure into AI infrastructureThe Anthropic deal is for 191 megawatts of computing capacity at Riot’s location in Rockdale.That’s important, since electricity is becoming one of the main bottlenecks to artificial intelligence growth.AI companies can buy those advanced chips, but they need a place to run. You need land, you need transmission capacity, you need cooling, you need networking, and you need tremendous amounts of reliable power to do hyperscale computing.Riot already has a lot of the hard part. Its Rockdale facility has about 700 megawatts of developed capacity spread across 200 acres or so, while its Corsicana, Texas, location has access to about 1 gigawatt. Riot says it has almost 2 gigawatts of completely certified power in its portfolio.These assets were worth something at first, because Bitcoin mining requires a lot of electricity. Now they intersect with what the AI businesses need.This might be a significant shift in Riot’s business model.Bitcoin mining revenue is a function of token values, difficulty of mining, and energy prices. Long-term data-center contracts can offer a considerably more reliable revenue source.Related: Toy mania gears up during holiday shopping seasonBut the possibility isn’t as simple as integrating AI computers into an old mining operation.High-performance AI data centers demand considerable additional infrastructure, including improved cooling, networking, redundancy, and extremely high uptime standards. Riot will have to spend a lot and execute effectively to turn electrical power into commercial computer capacity.And that difference counts.Power gives the opportunity, but the economics are execution-driven.AMD gave Riot its first proof of conceptAnthropic isn’t Riot’s first large customer of AI infrastructure.The corporation had already inked a data-center contract with Advanced Micro Devices (AMD) for 25 megawatts of key IT capacity at Rockdale, Barron’s confirmed.AMD later exercised an option for an additional 25 megawatts, doubling its contracted footprint to 50 megawatts.Riot also claimed $33.2 million of data-center revenue in the first quarter and said it was an active data-center operator generating revenue. That bond now seems increasingly important.After successfully delivering capacity for the chipmaker, AMD helped connect Riot with Anthropic, Barron’s says.The progression is straightforward: AMD provided proof of concept, then Anthropic provided scale.More AI:Nvidia just made a move Wall Street wasn’t ready forMicrosoft just took sides in AI policy fightOpenAI just disclosed something genuinely alarmingThe contrast with Riot’s prior business is impossible to overlook.Riot produced $647.4 million in annual revenue in 2025. The first Anthropic contract is about 14 times as large on the headline, but it will recognize those dollars slowly over several years.The potential value increases to $16.1 billion if the two options to extend are exercised.That doesn’t mean Riot is a $16 billion revenue corporation overnight. It does, however, mean investors may have to stop viewing the company through the lens of Bitcoin creation.

The power behind Bitcoin may be worth more than the Bitcoin itself.Bloomberg / Getty Images

Anthropic deal reveals why power may be AI’s next scarce assetRiot is part of a bigger change happening across the once-Bitcoin-mining business.For years, crypto miners have chased cheap electricity, negotiated big power hookups, and built buildings that could sustain the energy-hungry computation.Those same traits are a boon to AI engineers.The benefit is time. New data-center builders may spend years trying to get on the grid and access enough power capacity. Companies that already own those links may therefore have infrastructure with drastically increased strategic value.Riot says its development strategy is “power-first.” The corporation creates the infrastructure around huge power installations, rather than buying land and hoping there will be electricity someday.Anthropic has now put a very significant dollar value on that tactic.What Riot investors should watch next$9.1 billion: Estimated value of the initial 20-year Anthropic agreement191 MW: Computing capacity Riot is expected to provide at Rockdale$16.1 billion: Potential contract value if both five-year extensions are exercised700 MW: Developed capacity at Riot’s Rockdale campus2 GW: Riot’s fully approved power portfolio50 MW: AMD’s contracted capacity at Rockdale$647.4 million: Riot’s total 2025 revenueThe bull has a solid argument. Riot occupies enormous power positions at a time when AI businesses are fighting over that very resource. Its long-term contracts could also make its future revenues less dependent on the well-known volatility of Bitcoin.But investors still face significant execution risk. The company then has to fund and create the infrastructure to serve Anthropic’s workloads, fulfill strict dependability standards, limit construction costs, and generate acceptable returns on the necessary capital.If the underlying economics aren’t sound, it’s not a major concern.That’s why the deal with Anthropic is so significant. It allows Riot to demonstrate that its power portfolio can sustain something considerably larger and more predictable than Bitcoin mining.For years, investors have basically valued Riot based on how much cryptocurrency the company could produce.The AI boom raises a different question: What is access to power worth?Anthropic may have just given the first serious answer.Related: Anthropic clarifies stance on open-weight AI models

Key Takeaways

Pet owners can choose from accident-only, accident and illness, and wellness plans.
Reimbursement options range from 50% to 90%, up to the policy’s annual limit. Most pet owners favor a policy that reimburses 70% or 80% of qualifying vet expenses, and deductibles no higher than $500.
Shop around — pet insurance prices and benefits vary by insurer, and your pet’s breed, age and health history play a key role.

Veterinary care is better than ever — our cats and dogs are living longer, tools like X-rays and ultrasounds catch serious problems early, and many life-threatening conditions are now treatable.
But the price for that cutting-edge care is also at its highest. Pet owners in the U.S. spend over $4,000 a year just on routine veterinary care, according to a new survey by Money.com and Healthy Paws Pet Insurance.
When vet bills soar beyond your budget, the right pet insurance plan can help soften the landing. Here’s our cheat sheet for buying the best policy for you and your pet.

How do I select the right pet insurance?
There are about 30 pet insurance companies issuing policies in North America, with varying costs, coverage options and exclusions. These five steps can help you narrow down your options.
1. Decide what type of plan you want to buy
Pet insurance companies divide their plans into three categories: accident-only, accident and illness, and wellness care. The right choice depends on your budget and your pet’s age and health history.
Accident-only plans are relatively inexpensive and cover things like broken limbs or swallowed objects, not treatment for cancer, asthma or any other illness. This plan makes sense if you’re on a tight budget or if you have an older pet that’s too expensive to insure against illnesses. The monthly rate for an accident-only plan is $9 for cats and $16 for dogs, according to the North American Pet Health Insurance Association (NAPHIA).
Accident and illness plans, sometimes called major medical policies, cover both injuries and illnesses. These plans are more expensive than accident-only policies and are best for young pets with a clean bill of health and breeds that are at a higher risk of developing issues later. NAPHIA’s report shows that dog owners paid an average of $70 a month for comprehensive coverage, while cat owners paid $36.
The last option is wellness care, a plan that’s sold separately or as an add-on to pet insurance. This plan provides limited coverage for services that pet insurance doesn’t cover: vet visits, vaccines, parasite prevention, dental cleanings, etc. That said, wellness plans can spread out the cost of preventive care but don’t always save you money when compared to a dedicated savings account.
2. Review the policy’s waiting periods and exclusions
If your pet was diagnosed with diabetes before you bought a policy, pet insurance won’t cover insulin shots or anything that’s related because it’s a pre-existing issue.
The same applies if your pet is diagnosed during the policy’s waiting period, which can last anywhere from 24 hours to 12 months, depending on the issue. For example, a company may delay accident coverage for a day and illness coverage for two weeks, but make you wait a whole year for hip dysplasia coverage. If you’re worried that your pet may develop hip or other joint problems early, look for a company with a shorter waiting period.
The policy’s exclusions and waiting periods should be clearly written in the sample policy if the insurer follows the best practices set by the National Association of Insurance Commissioners (NAIC).
3. Choose how much you want insurance to pay
Most companies allow you to choose how much they’ll pay toward covered expenses. Two factors determine your payout: the reimbursement level and the annual coverage maximum.
The reimbursement percentage is the portion of the vet bill that insurance will cover after you meet your deductible. You can usually choose a reimbursement percentage between 70% and 90% (the remaining 10% to 30% is your copay).
The annual maximum is the most a company will reimburse in a policy year. You can usually choose a maximum of $5,000, $10,000 or unlimited. For most people, a lower limit is enough, but if your pet is prone to serious issues like hip dysplasia or cancer, you may deplete your policy’s coverage before the year is up. Some companies also limit how much they will pay for specific illnesses, but unlike annual limits, these caps aren’t adjustable.
As a general rule, the higher you go on these terms, the more expensive the policy is. Lower limits save you money on your premiums, but raise the out-of-pocket costs if you ever need to file a claim. Among pet owners surveyed by Money and Healthy Paws, 32% said that their policy reimburses 80% of eligible costs, while 52% have a deductible of $500 or less.
4. Pick a deductible that fits your budget
The deductible is how much you have to pay for veterinary expenses before your insurance coverage kicks in. In other words, if you set a $250 deductible, you have to spend $250 at the vet in qualifying expenses before you can file your first insurance claim. With most pet insurance providers, you can choose a deductible between $250 and $1,000. A lower deductible increases your monthly payments, but the insurer starts paying out sooner. In contrast, a higher deductible is cheaper upfront, but you will have to spend much more at the vet before the insurance company steps in.
5. Shop around and compare insurers
Rates, coverage options and exclusions can vary by company, so it’s a good idea to compare several options. For example, not all companies cover alternative therapies like acupuncture and hydrotherapy, and a select few offer the option to pay the vet directly. If you’re looking for specific services and benefits, make sure to review the fine print before signing up.

FAQ
Does pet insurance pay the vet directly?
Most pet insurance plans do not pay the vet directly — you pay the bill upfront and then submit a claim for reimbursement. Some insurers offer direct vet pay but it depends on the company and whether your veterinarian participates.
Is $10,000 enough for pet insurance?
A $10,000 payout limit is generally enough insurance coverage for standard accidents or illnesses. You may need a higher payout limit if your dog or cat is prone to costly chronic conditions, like cancer or heart failure, or if you live somewhere with above-average vet prices.
When should I enroll my pet in an insurance plan?
The best time to enroll your pet is when they are young. If you wait too long to get a policy for your cat or dog, the insurer may limit coverage and any pre-existing issue won’t be covered.

More from Money
How Much Does It Take for Pet Owners to Hit Their Financial Limit?
For Many Pet Owners, One Unexpected Vet Bill Can Be Catastrophic
The Lifetime Cost of a Pet — and How to Pay for It

HashKey Exchange and OSL Group are now authorized distributors, enabling institutional and professional investors to mint and redeem HKDAP tokens.

A once-fast-growing beverage brand is making a major retreat from the physical spaces that helped build its identity and exiting an entire part of its business.After years of expansion, the company is closing its final brick-and-mortar locations and has already shut down the facility where it once produced its beverages. The moves mark a significant shift for a brand that built its reputation on an in-house manufacturing approach and a growing physical presence.Founded in 2018 in San Diego, California, JuneShine started as a homemade hard kombucha brand before expanding into canned cocktails.JuneShine is closing its last tasting roomsJuneShine built its brand on the concept of “honest alcohol for a healthier planet,” targeting health-conscious consumers by offering clean, environmentally sustainable ingredients.The company will close its two final company-owned tasting rooms on Aug. 28, ending the company’s brick-and-mortar operations.The affected locations include:JuneShine Scripps Ranch: 10051 Old Grove Road, San Diego, CaliforniaJuneShineSanta Monica: 2914 Main Street, Santa Monica, California”This was certainly not a decision that came easy, but the right one for what’s next,” JuneShine wrote in an Instagram post.The company has not shared plans to open another physical location. However, JuneShine said its products will remain available online and through retailers, including Walmart, Target, Whole Foods Market, and Total Wine & More, according to its website.”Rest assured, JuneShine isn’t going anywhere. You will still find us on shelves, at your favorite watering holes, and out in the real world,” the company added.The closures, therefore, mark a change in how JuneShine operates, rather than an end to the brand itself.JuneShine has already reduced its physical footprintThe decision to close the final tasting rooms follows several changes to JuneShine’s operations over the past several years.In 2019, JuneShine acquired the former 30,000-square-foot Ballast Point brewery in Scripps Ranch, turning it into a flagship brewery and taproom. The company invested $24 million in the project.In 2020, JuneShine confirmed plans to relocate its San Diego tasting room to a new 2,000-square-foot space in North Park at The Jackson on 30th Street. The tasting room ultimately did not open.Two years later, JuneShine expanded beyond California by opening a taproom in Brooklyn’s Williamsburg neighborhood. That location closed in 2024.The company’s manufacturing footprint then underwent a more significant change in March 2026, when JuneShine ceased in-house brewing, shut down its brewery, listed the facility for sale, and eliminated 24 jobs.The move shifted production to third-party manufacturers as JuneShine sought to improve efficiency and profitability and focus more heavily on product development and brand expansion, SanDiegoVille reported.Now, with its final two tasting rooms scheduled to close, JuneShine will no longer operate company-owned physical locations.

JuneShine closes its final two physical locations.Illustration by Kira Hofmann/Photothek via Getty Images

Why JuneShine is moving away from physical locationsJuneShine has not publicly provided a detailed explanation for why it is closing its final tasting rooms. However, the move comes after a broader restructuring of its physical operations.The company has already moved away from owning and operating its own brewery, instead relying on third-party manufacturers to produce its beverages. Closing its tasting rooms could further reduce the fixed costs and operational responsibilities associated with maintaining physical facilities.Here’s some of my previous coverage of closures:Grocery giant rethinks supply chain plans as store closures mountPopular beverage chain closing multiple locations nationwide17-year-old Mexican restaurant chain closes all locationsFor smaller beverage companies, owning production facilities can require significant investments in equipment, labor, maintenance, and real estate. Outsourcing some or all production can allow a business to shift those responsibilities to specialized manufacturers, although the financial impact can vary depending on a company’s scale and manufacturing arrangements.Operating a taproom or brewery can also come with significant real estate and build-out costs. Specialized equipment and building requirements can add to the expense of opening and operating these businesses, according to Wooden Hill Brewing Company. JuneShine’s recent moves suggest the company is placing greater emphasis on its beverage products and retail distribution rather than maintaining company-owned facilities.That shift could give JuneShine greater flexibility to concentrate its resources on product development, distribution, and brand expansion while relying on outside partners for manufacturing and retail distribution.For consumers, however, the change means JuneShine’s remaining tasting rooms will soon disappear. The brand itself will continue through its online store, retail partners, and other locations where its beverages are sold.Related: Popular beverage chain closing multiple locations nationwide

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