Given the current popularity of AI, how do you explain the fact that the top domestic large model Zhipu launched with a dip in its share price?

Here's a look at the latest valuations of major model companies:

1. OpenAI valuation: approximately $750B ( under discussion ) / $500B ( confirmed )

By October 2025, after secondary share sales, the valuation reaches $500B.
In December 2025, there are rumors of "discussing funding," with an estimated valuation of about $750B.

2. Anthropic valuation: target $350B / last round $183B

On January 7, 2026, rumors of "planning to raise $10B, aiming for a $350B valuation."
Completed: September 2025, last round funding valuation at $183B.

3. xAI / Grok valuation: approximately $230B ( media statement )

On January 6, 2026, announced Series E funding of $20B (only the amount confirmed, valuation not disclosed).
The same round of funding was described by the media as "doubling the valuation / approximately $230B."

4. Perplexity valuation: $20B

In September 2025, reports indicate investment commitments, with a valuation of $20B.

5. Zhipu / Knowledge Atlas ( approximately $6.76B ( first day opening ) / $6.6B ( IPO pricing )

Listed on the Hong Kong Stock Exchange on January 8, 2026, raising about $552M.
Secondary market trading: opening price approximately HK$120
corresponding to a market cap of about HK$52.83B ( approximately $6.76B ).