In short: Passing mention — Ahern names Z.ai as a direct large-language-model holding in KWEB (30:52), with MiniMax.
In short: Initiated Neutral at a US$110bn valuation — "China's top enterprise/coding AI model." Its GLM5.2 is the intelligence moment of the report's title: ~$1 per 1M blended tokens (5x low-end China models, 10–25% of US SOTA), strongest-positioned in foundation models alongside DeepSeek; GS thinks its $1bn year-end-2026 ARR target understates worldwide GLM deployment multiple-fold since third parties host the open-source model free.
Zhipu — newly public in Hong Kong as Knowledge Atlas — makes GLM, the Chinese AI model that Goldman calls China's best for enterprise work and coding. The report's whole premise is named after it: last year the world was shocked that Chinese models were cheap (DeepSeek); this year the shock is that they're genuinely smart (Zhipu's GLM). GLM5.2 charges about $1 per million tokens — a quarter or less of what top US models charge — and it's now good enough that big Chinese companies reportedly generate up to 90% of their code with AI, much of it on GLM.
The subtle but important point: because GLM is open-source, anyone (including Alibaba's cloud) can host it and sell access without paying Zhipu a cent. That means Zhipu's official $1bn revenue target badly understates how widely its model is actually used — and Goldman expects Zhipu and peers to move to an "open-weight" license that finally charges commercial users a cut. Goldman rates it the strongest-positioned foundation-model company in China alongside DeepSeek, but starts coverage at Neutral: at a $110bn valuation, a lot of that promise is already in the price.
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