Zhipu Six-Day Losing Streak Breaks Below 1000 Mark, What Happened?

Jefferies noted that Zhipu's rapid ARR growth is constrained by new product ramp-up, base effects, and computing power supply, with sustainability remaining uncertain; high customer concentration adds growth risks, and new computing power investments may also drag on H2 gross margins. Despite raising 2026-2029 revenue forecasts by 37% to 119%, it still cut the cloud business valuation multiple from 50x to 30x.