China’s Zhipu AI, developer of GLM-5.2, defies slump as it pursues AGI over quick profits
Monday’s losses were seen across chip designers, semiconductor-equipment makers and materials suppliers
Chinese artificial intelligence giant Zhipu AI bucked a broad plunge of AI-related stocks across Hong Kong and the Chinese mainland on Monday, which saw arch-rival MiniMax slumping almost 20 per cent.
Zhipu, trading as Knowledge Atlas Technology in Hong Kong, closed almost flat at HK$1,645 on Monday after its shares gained more than 1 per cent by midday. The company, whose stock has skyrocketed 12-fold since its January debut, over the weekend pledged to prioritise advancing towards artificial general intelligence (AGI) over near-term commercialisation.
Nevertheless, Zhipu AI has declined from its peak late last month, when its market capitalisation briefly surpassed HK$1 trillion (US$128 billion) following investor enthusiasm over its release of the GLM-5.2 model. Its market cap has dropped to HK$730 billion.