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Hong Kong stocks Zhipu surges over 16% during trading, with the stock price at 2,472 HKD

MarsBitNews
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Mars Finance News, June 24 — According to market data, Hong Kong stock Zhipu (02513.HK) surged over 16% intraday, currently up 13.73%, with the stock price at 2,472 HKD. Some believe that the recent decline in global AI stocks is "Zhipu's DeepSeek moment," replicating the sharp drop in AI stocks caused by the release of DeepSeek earlier this year. The overly powerful open-source models this time have led the market to doubt U.S. AI. Investment bank Jefferies stated in a report that Zhipu's GLM-5.2 has entered the top three in the global large model rankings. Nathan Lambert, senior research scientist at the Allen Institute for AI and author of Interconnects, called it a "step change" in open-source intelligent agent models and compared the market reaction to the shock triggered by DeepSeek R1 in early 2025. This discussion in the tech circle was quickly picked up by market media. Barron's explained Tuesday's tech stock decline as a return of "cheap Chinese AI" concerns, agreeing that this drop is similar to the January DeepSeek shock. Gavekal Research analyst Will Denyer was quoted as saying that GLM-5.2 is one of the most impressive challenges to U.S. AI dominance from China so far. For investors, the issue is not just that Chinese models are getting stronger, but whether cheaper open-source models are good enough to make U.S. tech giants' hundreds of billions of dollars in data center spending sustainable at current valuations.
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