Zhipu jumps 33% as US AI curbs boost bets on Chinese rivals
What's new: Bank of America started coverage with buy ratings on Zhipu and MiniMax as Anthropic halted top-model access for foreign nationals.
Shares of Chinese AI developer Zhipu surged Monday after US restrictions on access to Anthropic’s most advanced models sharpened investor focus on Chinese competitors. Knowledge Atlas Technology, Zhipu’s Hong Kong-listed entity, rose as much as 48% before trimming gains to about 33%, while MiniMax climbed 7.4%. JPMorgan raised its price target on Zhipu to HK$1,400 from HK$950 and reportedly downgraded MiniMax, while Bank of America initiated coverage on both with buy ratings. The rally followed a Trump administration order Friday requiring Anthropic to suspend access to Fable 5 and Mythos 5 for foreign nationals. Zhipu also moved to release its GLM-5.2 model as open-source software this week with no usage restrictions.