The new year kicked off with the blockbuster public market debuts of two Chinese artificial intelligence high-flyers – Zhipu AI and MiniMax – making them the world’s first publicly listed large language model (LLM) start-ups.
The listings put them ahead of US rivals including Microsoft-backed OpenAI and Amazon.com-supported Anthropic, which have yet to reach public markets.
Both Chinese companies have been backed by heavyweight investors, including state-linked funds and big tech groups such as…
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