23 Jun 2026

Open-weight models (Zhipu's GLM, DeepSeek, Qwen, MiniMax) are closing the capability gap on the closed "frontier" labs (OpenAI, Anthropic, Google)

The parabolic stock is the market voting on that idea, helped by its newly open-sourced GLM-5.2 and pending Hang Seng Tech Index inclusion. The caveat the meme omits: it's a deeply loss-making company (2025 revenue ~724m HKD, losses ~1.9bn) trading north of 1,000x sales. The sell-side average 12-month target sits ~45% below spot, ratings are split, and a large post-IPO lock-up overhang looms. So the chart reflects Hong Kong AI-IPO mania, index flows and a thin float as much as model quality. Bottom line: a real secular thesis (open models compressing frontier economics) wrapped around a priced-for-perfection single name. Useful as a sentiment gauge — not as proof the open-vs-closed debate is settled. Source: zerohedge

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