07:31 AM EDT, 06/23/2025 (MT Newswires) -- Canaan (CAN) said Monday it plans to discontinue its non-core artificial intelligence semiconductor business unit under a strategic realignment initiative.

The company said it intends to focus on its crypto-related businesses, streamline operations, enhance capital efficiency, and lower expenses unrelated to its primary business segments.

Canaan said it anticipates its operational expenses to fall "significantly" following the discontinuation of the AI semiconductor business unit, which is expected to be concluded in the coming months.

Shares of the company were down 1.3% in recent Monday premarket activity.