Zhipu AI shares tumble amid global chip selloff

Beijing-based Zhipu AI, now branded internationally as Z.ai and listed on the Hong Kong Stock Exchange as Knowledge Atlas Technology, released ZCode this week — a coding-agent tool built on its GLM-5.2 model — positioning itself as a direct challenger to Anthropic and OpenAI in the agentic AI race. But the launch was overshadowed by a bruising day for the company's stock, which plunged nearly 17% on Wednesday amid a global semiconductor rout.

ZCode Takes Aim at Claude Code

ZCode shipped as a desktop application optimized for GLM-5.2, featuring more than 20 integrated programming tools including Git and terminal access, along with a "Goal" construct for managing multi-step coding objectives across planning, execution, and verification phases. The product was explicitly described as a "Claude Code alternative" by the company.aiweekly

A distinguishing feature is the ability to trigger coding tasks remotely through WeChat, Feishu, or Telegram, letting developers advance work asynchronously from chat apps without opening the desktop client. Three yuan-denominated subscription tiers range from ¥16.2 per month for the Lite plan to ¥144 per month for Max, which includes 20 times the base quota and priority resource access.aiweekly

GLM-5.2 itself launched on June 13 with a one-million-token context window and has drawn comparisons to the most expensive closed-source models. CNBC ↗ 0.00% reported that the open-source model "sits within a percentage point of Anthropic's Opus 4.8 on one closely watched agentic benchmark, at roughly a fifth of the cost".linas.substack+1

Stock Hammered in Broader Selloff

Knowledge Atlas Technology shares fell 16.6% on Wednesday, closing at HK$1,754 after opening at HK$2,160. The decline came as a global selloff in chip and AI infrastructure stocks intensified after reports that Meta Platforms ↘ 0.55% is developing a cloud business to sell excess AI computing capacity, raising fears of overcapacity in the sector.investing+3

The Philadelphia Stock Exchange Semiconductor Index tumbled 6.3% on Wednesday, with major components like KLA, Lam Research, and Applied Materials dropping between 9% and 12%. The selloff extended into Asian trading on Thursday, with the Kospi falling more than 5%.axios+2

Zhipu's Rapid Rise

The rout interrupted a remarkable run for Knowledge Atlas, which listed in Hong Kong in January 2026 and briefly surpassed HK$1 trillion in market capitalization on June 22 after GLM-5.2's release drove its shares to a high of HK$2,980. The company's annual recurring revenue surged 6.4-fold in a single quarter to reach $250 million by March 2026. A share unlock of 25.68 million shares is scheduled for July 8, adding further pressure on the stock.perplexity+1