Goldman Backs 3 Chinese AI Models, Sees 15% Upside in Zhipu
Updated
Updated · CNBC · Jul 12
Goldman Backs 3 Chinese AI Models, Sees 15% Upside in Zhipu
2 articles · Updated · CNBC · Jul 12
Summary
Goldman Sachs initiated coverage on Hong Kong-listed Zhipu with a HK$1,880 target, implying nearly 15% upside, while naming Zhipu, DeepSeek and ByteDance its preferred Chinese AI models.
GLM-5.2 drove that call: Goldman said Zhipu’s latest open-source model is nearing frontier performance, gaining domestic enterprise and global SME adoption, and strengthening its lead in China’s enterprise and coding markets.
ByteDance ranked best in AI video generation, while Zhipu’s GLM and DeepSeek generally outscored models from Alibaba, Tencent and MiniMax on time to market and Arena score.
Market moves underscore the divergence: Zhipu shares have surged 70% over the past 60 trading days, while MiniMax fell more than 70%, Alibaba nearly 10% and Tencent about 5%.
Goldman said China’s open-source AI models are reaching a critical point against global proprietary rivals, with agentic AI boosting demand and access to computing likely to determine the next winners.
Why is one top Chinese AI stock soaring while its main rival has plummeted 70%?
As US firms embrace cheaper Chinese AI, is a major national security crisis inevitable?
With Chinese AI models rapidly advancing, is the US chip export ban actually failing?
Zhipu AI Surges Past HK$1 Trillion: Goldman Sachs Endorsement, Open-Source Breakthroughs, and China’s Race for AI Self-Sufficiency
Overview
On July 12, 2026, Goldman Sachs released a comprehensive report endorsing Zhipu, DeepSeek, and ByteDance as leading Chinese AI models, initiating coverage on Zhipu with a price target of HK$1,880. This endorsement followed a remarkable 70% surge in Zhipu’s stock over the previous 60 trading days, reflecting strong market confidence in its leadership and innovation. Goldman Sachs also issued 'Buy' ratings for MiniMax and highlighted evolving industry pricing strategies, such as DeepSeek V4’s differentiated API pricing. These moves underscore the growing influence and rapid advancement of Chinese AI firms in the global market.