List of Flash News about AI Pivot
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2025-06-30 23:40 |
Canaan (CAN) Exits AI to Focus on Bitcoin (BTC) Mining as Core Scientific (CORZ) Soars on AI Pivot and Buyout Buzz
According to @StockMKTNewz, bitcoin mining machine manufacturer Canaan (CAN) is shutting down its artificial intelligence (AI) semiconductor business to refocus on its core crypto operations. The company stated the AI unit was not aligned with its long-term strategy, generating minimal revenue while accounting for 15% of operating expenses. This decision comes as Canaan's stock (CAN) has fallen 71% this year. In stark contrast, bitcoin miner Core Scientific (CORZ) is experiencing a stock surge following reports of advanced buyout talks with AI cloud firm CoreWeave. Analysts at Cantor Fitzgerald project CORZ could reach over $30 per share, citing a 12-year, $3.5 billion infrastructure lease with CoreWeave and the replacement value of its data centers. This highlights a strategic pivot discussed by Rittenhouse Research, where crypto companies shift from volatile Bitcoin mining to providing AI infrastructure for more stable, long-term revenue streams. Core Scientific's move is seen as a successful middle path, leveraging its mining footprint to capitalize on the AI boom. |