Z.ai shares tumble over 10% after $5 billion fundraising, its second major raise in two months
Z.ai shares tumbled after the Chinese AI company announced its second major fundraising in two months.
TL;DR
- Z.ai shares fell more than 10% after announcing plans to raise about $5 billion.
- The fundraising includes a share placement and convertible bond sale.
- This is the company's second major fundraising in two months, following a $4 billion raise in July.
- Proceeds will support the development of next-generation AI models, including R&D, infrastructure, and commercialization.
- Z.ai recently launched a new AI model that reportedly runs entirely on Chinese-made chips.
- Shares of rival MiniMax also fell by about 5%.