Hong Kong-listed Zhipu’s share price rallied over 16% in intraday trading, trading at HK$2,472.

According to Bitget market data, Hong Kong-listed Zhipu (02513.HK) surged over 16% intraday, and is now up 13.73% at HKD 2,472 per share. Some analysts view the recent slump in global AI stocks as Zhipu's "DeepSeek moment" — a repeat of the sharp sell-off in AI stocks triggered by DeepSeek's launch in early 2025, driven by concerns that the strength of Chinese open-source models has sparked doubts about U.S. AI dominance. Investment bank Jefferies said in a report that Zhipu's GLM-5.2 has ranked among the top three global large language models (LLMs). Nathan Lambert, senior research scientist at the Allen Institute for AI and author of Interconnects, called it a "step change" for open-source agent models, drawing parallels between the market reaction and the shock triggered by DeepSeek R1 in early 2025. The tech community’s discussion was quickly picked up by mainstream market media. Barron’s framed Tuesday’s tech stock sell-off as a return of concerns over "cheap Chinese AI," agreeing that the slump mirrored the DeepSeek shock in January. Will Denyer, an analyst at Gavekal Research, was quoted as saying that GLM-5.2 is one of the most impressive challenges China has posed to U.S. AI dominance to date. For investors, the question is not just that Chinese models are growing stronger — but whether the hundreds of billions of dollars in data center spending by U.S. big tech firms can still justify their current valuations, given that cheaper open-source models are now sufficiently capable.