If Zhipu's stock price falls, where will the money flow?

Zhipu’s model performance is decent, but its engineering capability is limited, and subscription users can feel the service quality. The advantage of glm5.2 is rigorous thinking, at the cost of low token efficiency, leading to a higher overall price. Assuming most users do appreciate well-performing models, but their feet vote for cost-effective models, then cost-effective vendors will win the users. Assuming the actual profit model of AI model vendors resembles that of factories, valuing scale effects and cost control, then cost-effective vendors are more likely to gain profits…
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Zhipu’s model performance is decent, but its engineering capability is limited, and subscription users can feel the service quality. The advantage of glm5.2 is rigorous thinking, at the cost of low token efficiency, leading to a higher overall price. Assuming most users do appreciate well-performing models, but their feet vote for cost-effective models, then cost-effective vendors will win the users. Assuming the actual profit form of AI model vendors is similar to that of factories, valuing scale effects and cost control, then cost-effective vendors are more likely to gain profits. Based on this, it is speculated that deepseek, Tencent Hunyuan, and Xiaomi mimo may obtain more profits. Purely personal thoughts, welcome to discuss, let us look forward to the future.

If Zhipu’s stock price falls, where will the money flow? Figure 1