China tech's old guard lose their AI thunder
- 2 hours ago
- 1 min read
There's a new kid on the block in China's technology sector. Shares in established giants Alibaba (9988.HK) and Tencent (0700.HK) have underperformed the broader market, while five-year-old MiniMax (0100.HK) briefly surpassed Baidu's (9888.HK) $40 billion-plus market value last week. It's still early days for artificial intelligence models, apps and agents, but this may be the start of a changing of the guard.
The so-called BAT trio is synonymous with China's consumer internet, having blazed a trail in e-commerce, search, mobile payments, messaging and more. But they are increasingly playing catch-up in AI.
ByteDance's Doubao, for instance, is the country's most popular chatbot, even after aggressive marketing campaigns from the incumbents to lure users. And Knowledge Atlas Technology (2513.HK), an upstart also called Zhipu that's virtually unknown outside of the People's Republic, now boasts the country's best large language model, according to independent research shop Artificial Analysis.
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