New Model Propels Zhipu AI’s Market Value to Record HK$1 Trillion

Chinese artificial intelligence startup Zhipu AI’s surging stock has brought its market cap to a record HK$1 trillion ($128 billion), extending a rally driven by the launch of its latest large language model.

The Hong Kong-listed stock jumped as much as 42% intraday to a peak of HK$2,980 on Monday before ending the day at HK$2,410. The closing price represents an increase of about 2,400% from its initial public offering price in January. The staggering valuation underscores investors’ ferocious appetite for the pure-play AI model developer, even as the company remains unprofitable.