China AI Model Stocks’ $150 Billion Drop Shows No Sign of Easing

There’s no end in sight for the brutal selloff in China’s artificial intelligence model developer stocks, with competition growing ever more heated and the threat of rival listings next year.

MiniMax Group Inc. and Z.AI Co., also known as Zhipu, have shed a combined $150 billion in market value from their respective highs. The slide marks a brutal reversal after the duo’s hotly anticipated market debuts in January.