Canaan Inc. American Depositary Shares

Canaan, a cryptocurrency mining equipment company, reported impressive Q3 earnings with 104% year-over-year revenue growth, driven by high-performance mining systems and potential AI computing applications, causing its stock to jump 20%.

Bitcoin reached a new all-time high of $125,750, signaling growing optimism in digital assets. The Federal Reserve will release minutes and Powell will speak, while a potential government shutdown might disrupt jobs data reporting.

Dataprana has launched a 30MW immersion-cooled data center in La Marque, Texas, supporting digital asset mining operations with 1,280 Whatsminer M66S units across 10 Intelliflex pods, marking a significant milestone in their infrastructure development.

Canaan (CAN) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

In our monthly Rare Stock Picks series, we're highlighting January 2024 investment picks. Click here for the list of January 2024 Buy recommendations.