According to @StockMKTNewz, Bitcoin (BTC) mining machine manufacturer Canaan Inc. (CAN) is shutting down its artificial intelligence (AI) semiconductor business to refocus on its primary crypto operations. CEO Nangeng Zhang stated the move to 'double down on our core strengths in crypto infrastructure and bitcoin mining is the most strategic path forward.' The decision follows the AI unit's poor performance, which generated only about $900,000 in revenue in 2024 against total company revenue of $88.8 million, while accounting for 15% of operating expenses, as cited in the report. This strategic pivot to its Avalon mining rig business and self-mining operations comes despite a trend of other miners diversifying into AI. The company's stock (CAN) has fallen 71% this year, underperforming both the broader market and the bitcoin mining ETF, WGMI, which declined about 20%.

According to @StockMKTNewz, Bitcoin mining machine manufacturer Canaan Inc. (CAN) is winding down its artificial intelligence (AI) chip business to refocus on its core crypto operations. The AI unit, which generated minimal revenue ($900,000) but accounted for 15% of operating expenses, was deemed strategically misaligned. This move comes as Canaan's stock has fallen 71% year-to-date. In contrast, a JPMorgan report highlights that Q1 2025 was one of the best quarters on record for U.S.-listed Bitcoin miners, who collectively earned about $2.0 billion in gross profit. The report noted that IREN (IREN) achieved the highest gross profit and the lowest all-in cash cost per coin at approximately $36,400, while Marathon Digital (MARA) mined the most bitcoin but had the highest cost per coin at around $72,600. JPMorgan maintains an overweight rating on CleanSpark (CLSK), IREN, and Riot Platforms (RIOT), with a neutral rating on Cipher Mining (CIFR) and MARA.