Furui: KNOWLEDGE ATLAS (02513) GLM 5.2 ranks third globally in the Chinese AI milestone.
The line points out that the valuation of Zhipu is too high. Based on the calculation using the Annualized Recurring Revenue (ARR) guideline reaching 1 billion US dollars by the end of 2026, the current Price to ARR ratio is as high as 94 times, compared to Anthropic which is only around 18 times.
Fubon released a research report stating that KNOWLEDGE ATLAS (02513) subsidiary GLM 5.2 model ranked third globally in the Artificial Analysis model intelligence index, marking the first time a Chinese model has entered the top three. It ranked fourth globally in programming and second in intelligent physical capability, becoming a milestone in the development of Chinese AI.
However, Fubon also warned that the United States' access restrictions on Anthropic Fable 5 may be difficult to sustain, and developers have a variety of alternative options and open source models to choose from. Currently, KNOWLEDGE ATLAS is overvalued, with a Price to Annual Recurring Revenue (ARR) ratio of 94 times based on the calculation of reaching $1 billion in ARR by the end of 2026, compared to Anthropic's ratio of approximately 18 times.
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