TMTPOST — Fueling a massive capital rotation within the generative AI market, shares of enterprise large language model developer Knowledge Atlas Technology Joint Stock Co. (Zhipu AI) surged as much as 48% on Monday after JPMorgan Chase & Co. sharply upgraded its valuation framework for the company while simultaneously downgrading its primary domestic competitor, MiniMax. The Wall Street investment bank maintained its overweight investment rating on Zhipu AI, aggressively raising its equity price target to HK$1,400 from HK$950. In a research note distributed to institutional clients, JPMorgan analysts highlighted the software firm's superior enterprise model visibility, robust commercial pipeline, and structural pricing power in a highly competitive cloud infrastructure market. Conversely, citing growing concerns over long-term model differentiation and market leadership sustainability, the analysts downgraded MiniMax to a neutral rating and slashed its previous price target by more than half. The diverging valuation trajectories underscore a growing division among global investment banks as they evaluate commercial traction within the AI ecosystem. Industry analysts note that as institutional capital moves past early stage sector speculation, financial markets are increasingly punishing infrastructure providers facing margin compression, while rewarding developers that demonstrate clear ecosystem integration and defensible corporate revenue streams.