[Analysis: Bitcoin Mining Companies Shift to AI Infrastructure, Outperform Bitcoin] According to BIT analysis, recently, AI-related stocks such as semiconductors and memory chips have undergone a round of valuation adjustments, with stock prices pulling back. However, in comparison, the performance of Bitcoin mining companies has significantly outpaced Bitcoin. In fact, since the beginning of 2025, Bitcoin mining company stocks have risen by 167%, while Bitcoin has dropped by 35% over the same period. This divergence began to emerge in the third quarter and now appears more like a structural change rather than a short-term fluctuation. As mining companies gradually transition into AI infrastructure providers, the market has started to reassess these companies with a different valuation logic. If the current correction in the AI sector stabilizes, some Bitcoin mining companies may still be worth keeping an eye on.