2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) analysts are beginning to lean into a new wave of Chinese artificial intelligence listings, suggesting investor interest could be stabilizing even as global technology sentiment remains uneven. JPMorgan has initiated coverage on AI model developers MiniMax Group and Knowledge Atlas Technology, also known as Zhipu, recommending investors buy both companies. Goldman Sachs has taken a similar approach with chip designers Shanghai Biren Technology and MetaX Integrated Circuits Shanghai, pointing to a favorable long-term AI demand backdrop. Early market moves following these initiations appeared constructive, with MiniMax, Zhipu and MetaX shares advancing, while Biren gave back part of its earlier gains.
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The analyst endorsements come amid a busy listing cycle for China's AI sector, as companies seek to tap Hong Kong's strong AI tailwind. Zhipu's shares climbed as much as 24% to a record high, while MiniMax rose as much as 11% after JPMorgan initiated coverage at overweight. Both companies went public last month, alongside Biren, with MetaX listing in December. Since their debuts, MiniMax has surged about 230% in a little over a month, while Zhipu has advanced more than 170%, reinforcing the view that selective investor appetite for AI exposure in China could still be building.
JPMorgan's analysts described MiniMax and Zhipu as potential leaders in the next phase of global AI value creation, citing their positions as independent large language model developers with expanding international footprints. The bank projects MiniMax's revenue could grow at a compound annual rate of 138% through 2030, with Zhipu projected at 127% over the same period, and expects both companies to possibly turn profitable in 2029. Goldman Sachs, meanwhile, labeled Biren and MetaX local GPU leaders, arguing they could benefit from rising cloud spending in China and continued government support for domestic AI chips, even as broader technology sentiment remains volatile.
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