--- title: "Ignoring the overseas \"AI panic,\" the Chinese market is wildly speculating on AI winners" description: "The same AI, completely opposite fates. The U.S. market is caught in a \"panic sell-off,\" while Chinese investors are frantically buying: KNOWLEDGE ATLAS once surged 524%, and MINIMAX-WP once soared 48" type: "news" locale: "en" url: "https://longbridge.com/en/news/276531940.md" published_at: "2026-02-22T09:48:33.000Z" --- # Ignoring the overseas "AI panic," the Chinese market is wildly speculating on AI winners > The same AI, completely opposite fates. The U.S. market is caught in a "panic sell-off," while Chinese investors are frantically buying: KNOWLEDGE ATLAS once surged 524%, and MINIMAX-WP once soared 488%. The essence of the divergence is that U.S. investors are anxious about the competitive threats to their lucrative profit pools, while China remains focused on market penetration As the U.S. market falls into "AI panic trading," with investors selling off software companies and wealth management firms, Chinese investors are aggressively buying into artificial intelligence concept stocks. This starkly different market sentiment reflects a fundamental divergence between investors in the two regions regarding AI technology: the U.S. is concerned about the disruption of existing business models, while China focuses on growth opportunities and cost reduction potential. Domestic companies that released new models or upgraded existing products this month have become favorites among investors. MiniMax and KNOWLEDGE ATLAS are the most typical examples, with both companies' stock prices doubling in February. Bullish ratings from Wall Street investment banks like Morgan Stanley further fueled market enthusiasm, as pure AI concept stocks are grabbing funds from traditional internet giants. Behind this market divergence is a difference in investment logic. Charu Chanana, Chief Investment Strategist at Saxo Markets, stated, **"The Chinese market is still focused on what AI can help with, rather than what it will take away from existing companies. U.S. investors are anxious about the competitive threat to lucrative profit pools, while China remains focused on market penetration."** ## Newly Listed AI Stocks Lead the Charge MiniMax and KNOWLEDGE ATLAS have gained favor among investors, partly due to the scarcity of publicly listed companies building large models globally. Both companies went public in Hong Kong in January, with KNOWLEDGE ATLAS's stock price soaring 524% at one point, and MiniMax rising 488%. In contrast, industry pioneers OpenAI and Anthropic have yet to go public. Other recently listed Chinese AI-related stocks have also performed strongly. Chip designer Biren Technology has seen its stock price rise over 80% since its listing on January 2, while Lattice Technology has surged over 98% since its debut on February 9. Domestic companies are also benefiting from the halo effect, as private financing rounds for two U.S. firms show valuations continuing to climb. OpenAI is nearing a funding round of over $10 billion at a valuation exceeding $850 billion, while Anthropic raised $3 billion at a valuation of $380 billion in early February. ## Technological Breakthroughs Boost Valuations **The release of new models and financing data have driven valuation reassessments.** Jefferies analyst Edison Lee and others wrote in a research report on February 13, "There is upside potential for Chinese AI valuations." The latest large language model GLM-5 released by KNOWLEDGE ATLAS recently surpassed the competing product launched by Moonshot AI on the benchmarking site Artificial Analysis, becoming the top global open-source model. According to the Jefferies report, this is the highest ranking ever achieved by a Chinese AI lab. Some of the market enthusiasm is related to DeepSeek, as the market expects DeepSeek to soon release its next-generation model, which could boost the entire sector. The market also anticipates that the cost competitiveness of Chinese AI models like DeepSeek may accelerate user adoption Currently, domestic investors view every new advancement in AI as a catalyst, benefiting not only developers but also users of new tools. ByteDance recently launched a video production application, triggering a collective rise in film and media stocks. Gary Tan, portfolio manager at Allspring Global Investments, stated: "The divergence between Chinese market participants and global investors reflects the structural uniqueness of China's AI landscape." However, some market observers warn that if profit growth cannot keep pace with investor optimism, valuation re-evaluations may be difficult to sustain ### Related Stocks - [02513.HK - KNOWLEDGE ATLAS](https://longbridge.com/en/quote/02513.HK.md) - [00100.HK - MINIMAX-WP](https://longbridge.com/en/quote/00100.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Is an AI price war about to begin? | The price of AI services is decreasing, with China's Zhipu offering access for about $3 a month, compared to $20 for US | [Link](https://longbridge.com/en/news/276415182.md) | | CICC Reaffirms Their Buy Rating on Knowledge Atlas Technology Joint Stock Company Limited Class H (2513) | CICC has reaffirmed a Buy rating on Knowledge Atlas Technology Joint Stock Company Limited Class H (2513) with a price t | [Link](https://longbridge.com/en/news/276095967.md) | | 3 no-brainer AI stocks to buy right now | These artificial intelligence (AI) stocks show promising upside for long-term investors. | [Link](https://longbridge.com/en/news/276392243.md) | | Why Smart Money Buys When AI Stocks Pull Back | Why Smart Money Buys When AI Stocks Pull Back | [Link](https://longbridge.com/en/news/276517144.md) | | Big Tech should sell America on AI data centers, not the other way around | AI data centers are crucial for the U.S. to maintain competitiveness in the global AI race, yet many communities oppose | [Link](https://longbridge.com/en/news/276472600.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.