Overview
- JPMorgan kept an overweight rating on Zhipu and raised its price target to HK$1,400 while cutting rival MiniMax to neutral, a move that prompted sharp investor buying.
- Zhipu shares jumped as much as 48% in intraday trading before trimming gains, reflecting heavy buying after the analyst action and related coverage.
- The company announced GLM-5.2 will be released as open-source software with no stated usage restrictions, a distribution choice reported by Zhipu that contrasts with tighter U.S. controls.
- The U.S. ordered Anthropic to suspend foreign access to its most advanced models, a national-security measure that has redirected some investor interest and raised concerns about talent and access.
- Zhipu has raised cloud API prices earlier this year and secured buy coverage from Bank of America, a combination that investors see as evidence of rising enterprise revenue and commercial momentum and that could widen the lead over peers.