On October 7, Z.AI fell 3.14% in regular trading, retreating to HK$691.0 with turnover of HK$132 million. The pullback follows a sharp rebound driven by Amazon Bedrock integrating GLM-5.3 under a revenue-sharing model and Goldman Sachs upgrading the stock to Buy with a target price of HK$1,560.

The earlier surge of over 7% reflected optimism over overseas monetization and an ARR run-rate ranked first among Chinese peers, with Goldman raising annualized ARR estimates to US$3.2 billion. However, short-term profit-taking pressure has emerged after consecutive gains, while concerns over upcoming pre-IPO share unlocks and dilution from roughly US$9 billion in equity financing continue to weigh on sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)