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%.