China's AI shift: MiniMax and Zhipu reach valuations above $40B
Business
China's AI scene is getting a major shakeup.
Instead of big names like Baidu and Tencent leading the way, newer companies (like MiniMax and Zhipu) have touched market values above $40 billion each, thanks to their focus on tokens, the data units that power AI.
Cheap electricity and fierce competition are helping these smaller players surge ahead.
MiniMax Zhipu Hong Kong IPOs
MiniMax and Zhipu's rapid rise (they went public in Hong Kong in January) signals a huge shift in China's tech world.
Even as some worry about fast-growing startups, experts like Victoria Mio call it a real market change.
With China using more than 140 trillion tokens daily, its unique approach is grabbing global attention—and could shape how we all use AI in the future.