Canaan Inc. Shifts Strategy to Pure Bitcoin Play
This attempt to improve operations and enhance capital efficiency means that Canaan Inc. (NASDAQ:CAN) can fully leverage the growing Bitcoin demand for sustainable growth. As Nangeng Zhang, the chairman and chief executive officer of the company, stated,
'By focusing our resources and talent on the areas where we have deep expertise and competitive advantage, we aim to drive sustainable growth.'
During FY2024, the AI semiconductor business, referred to as the 'ASICs for edge computing applications' in the company's annual report, generated roughly $0.9 million in revenue while accounting for around 15% of the total operating expenses. Having said that, we can expect a fall in the expenditures for Canaan Inc. (NASDAQ:CAN) once the discontinuation happens.
Not only this, the various in-line projects, particularly the expansion of its self‑mining and North American collaborations, make Canaan Inc. (NASDAQ:CAN) a positive EV play on Bitcoin at the current levels.
Canaan Inc. (NASDAQ:CAN) is a Singapore-based company that engages in bitcoin mining machine sales, self-mining operations, and consumer mining products. Incorporated in 2013, the company also assembles and distributes mining equipment and spare parts.
While we acknowledge the potential of CAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the .
While we acknowledge the potential of CAN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CAN and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.
Disclosure: None.
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11 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq on pace for new records as earnings roll in
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United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. 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It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq aim for records after strong retail sales as earnings roll in
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For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. TSMC stock pops 3% on record quarterly earnings Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Netflix earnings on deck: What Wall Street is watching Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. United Airlines stock slides in wake of fresh profit guidance United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. TSMC profits soar over 60% in Q2, notching all time high Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Crypto watchers eye possible vote on legislation in House Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty, partner at Foley & Lardner, who has commented to congressional staff and lawmakers on drafts of the legislation. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar. Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session. Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate. "This is a moment in time when the stars are aligned to pass these bills," said Pat Daugherty, partner at Foley & Lardner, who has commented to congressional staff and lawmakers on drafts of the legislation. Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday. The token hovered above $118,500 per token. Mortgage rates move higher again Yahoo Finance's Shi Bradley reports: Read more here. Yahoo Finance's Shi Bradley reports: Read more here. The next Fed chair's dilemma: Maintain Fed independence while pleasing Trump Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. What the China export easing means for Nvidia, AMD, and other chips stocks Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Carlyle co-founder Rubenstein on Fed's Powell: He's done a very good job Yahoo Finance's Brian Sozzi reports: Read more here. Yahoo Finance's Brian Sozzi reports: Read more here. Wall Street is coming to the Fed's defense Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Lucid shares jump 30% on Uber deal Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Jobless claims fall for 5th straight week Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Data from the Department of Labor out Thursday morning showed Americans filed 221,000 initial jobless claims in the week ending July 12. It marked the fifth straight week that applications for US unemployment benefits fell. After picking up in May, weekly filings for unemployment claims are now at their lowest level in three months. Read more: What are jobless claims, and why do they matter? Continuing claims, or the total number of Americans collecting unemployment benefits, ticked up slightly to 1.96 million for the week ending July 5. The job market has continued to show resilience despite uncertainty fueled by President Trump's trade policies. In June, the US surprisingly added 147,000 jobs, more than the 106,000 expected by economists, while the unemployment rate ticked down to 4.1%. Investors have maintained their bets on Federal Reserve interest-rate cuts. As of Thursday morning, traders were pricing in a 54% chance the central bank cuts interest rates by its September meeting, down from a roughly 70% chance seen just last week, according to the CME FedWatch Tool. Stocks open mostly flat as investors digest June retail sales, earnings reports Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Stocks were little changed at the market open as investors digested a better-than-expected increase in June retail sales and a wave of corporate earnings reports. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) traded flat, while the Nasdaq Composite (^IXIC) inched up slightly, by about 0.1%. On the earnings front, Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit, sending the stock 3% higher in early trading. PepsiCo (PEP) shares gained more than 6% after the beverage maker reported better-than-expected quarterly results. Trending tickers in premarket trading: TSMC, Opendoor, Pepsi, GE Aerospace, Netflix Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Here are some of the most notable movers in premarket trading as more second quarter earnings roll in: Check out more trending tickers here. Retail sales rise more than expected in June Yahoo Finance's Josh Schafer reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. Pepsi stock rises on better-than-expected earnings PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. PepsiCo (PEP) stock rose 2% after the company reported better-than-expected quarterly results. Pepsi still expects a drop in annual profit, though not as severe as it expected previously. It sees its full-year core earnings per share falling 1.5% instead of the 3% previously forecast. The Gatorade and Lay's maker benefited from favorable foreign exchange rates and greater demand for energy drinks and healthier soda brands, like its prebiotic soda brand Poppi. For the quarter, Pepsi's adjusted earnings per share were $2.12 on revenue of $22.7 billion. Read more here or listen to Pepsi's earnings call live on its stock ticker page. TSMC stock pops 3% on record quarterly earnings Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit on Thursday, sending the stock 3% higher in premarket trading. The company reported net profit of 398.3 billion new Taiwan dollars ($13.5 billion), an increase of more than 60% year over year. TSMC, which is Nvidia's (NVDA) primary chip manufacturer, said that artificial intelligence demand was growing and raised its sales outlook for the third quarter and full year. In a policy reversal, Nvidia has been allowed to resume sales of its H20 chip in China, which could help it recoup as much as $15 billion in revenue. Nvidia shares were up half a percent on Thursday morning. "China is a big market, and my customer can continue to supply the chip to the big market," TSMC CEO C.C. Wei said at a press conference. "It's very positive news for them, and in return, it's very positive news for TSMC." While TSMC has not seen changes in customers' behavior so far, it cautioned that tariffs could affect income in the fourth quarter. Netflix earnings on deck: What Wall Street is watching Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. Netflix (NFLX) is set to report second quarter earnings after the bell on Thursday. Shares have soared about 40% since the start of the year, with the stock's valuation a top debate on Wall Street as the streamer doubles down on live events and sports content. Yahoo Finance's Allie Canal reports on what to expect: Read more here. United Airlines stock slides in wake of fresh profit guidance United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. United Airlines shares fell in premarket after the US carrier reset its full-year profit outlook, saying travel demand has picked up thanks to an easing in economic and geopolitical uncertainty. The airline now expects to post adjusted profit of $9 to $11 a share for 2025, compared with Wall Street expectations for $10.04 a share. "United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August," United CEO Scott Kirby said in a company statement. "The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year," he added. But United's revised guidance still undershot the range of $11.50 to $13.50 a share that it laid out at the start of the year. In April, the company issued two sets of profit outlooks based on whether the US fell into recession, with a range of $7 to $9 a share in the worse scenario. At the same time, it flagged it still might meet its higher target. Profit in the second quarter beat estimates, but its revenue growth fell short. Read more on United's earnings here, from Reuters. TSMC profits soar over 60% in Q2, notching all time high Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Taiwan Semiconductor Manufacturing Co. (TSM), the global leader in contract chip production, delivered a blockbuster second quarter. It reported net profit of T$398.3 billion ($13.53 billion), a 60.7% year-over-year surge that shattered analyst expectations and marked an all-time high for the company. TSMC's robust momentum comes as tech giants like Apple (AAPL) and Nvidia (NVDA) ramp up chip orders to support AI advancements and next-gen devices. Shares in the chip giant closed at $237.56 on Thursday, up 0.3%, before jumping more than 5.6% in overnight trading, pushing past $250 before steadying. Oil prices bounce back from early week losses Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Oil prices rose overnight Wednesday despite recent fears of oversupply by OPEC+ producers. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
12 minutes ago
- Los Angeles Times
CIM Group Hires Veteran Financial Services Executive Paul Weisenfeld
Los Angeles-based CIM Group has announced that distinguished financial services leader Paul Weisenfeld has joined the firm as head of national accounts as it continues to grow its Private Wealth Group. With more than 30 years of experience in wealth management, asset management and the development and distribution of both traditional and alternative investment products, Weisenfeld will lead CIM Group's National Accounts team in expanding the firm's footprint in the private wealth space. In this new role, he will focus on cultivating and deepening key partnerships across wirehouses, broker-dealers, RIAs and independent financial advisors while driving product placement and spearheading strategic growth initiatives. His strong track record includes designing and executing innovative product strategies and scaling national distribution efforts. 'I'm thrilled to join CIM Group, a forward-thinking firm that is committed to delivering value through partnership and innovation,' said Weisenfeld. 'Returning to this space with the opportunity to lead an exceptional national accounts team during such a pivotal time is both inspiring and energizing. I look forward to leveraging my experience to drive growth and provide innovative solutions across real estate, infrastructure and credit for our clients.' Weisenfeld most recently served as senior relationship manager at Allspring Global Investments, where he played a significant role in elevating the firm's industry profile as a newly independent firm, led distribution efforts around the launch of ETFs, and helped double sales three years in a row at a strategically important wealth management partner. Previously, he led the Key Accounts team at Wells Fargo Asset Management and held senior distribution roles at Legg Mason, overseeing the firm's largest wealth management partnership and the launch of its first retail real estate alternative investment offering. Earlier in his career, Weisenfeld was a partner at Perella Weinberg Partners, where he launched and managed the intermediary asset management business. He also served as managing director at Morgan Stanley, overseeing mutual funds, ETFs and 529 plans, and as COO of Investments at Citigroup Global Wealth Management. 'Paul brings unmatched expertise and deep industry relationships that are essential in today's complex wealth environment. His leadership as Head of National Accounts will be instrumental as we broaden our reach in delivering innovative solutions to our partners and clients,' said Barry Schanker, managing director, head of Private Wealth at CIM Group. Information sourced from Businesswire. To learn more, contact karen@
