Two weeks ago, the US government forced Anthropic to shut down global access to its most powerful AI models, Fable 5 and Mythos 5, citing national security. The move was meant to lock down America's AI edge. On June 13, the day after, Beijing-based Z.ai released GLM-5.2 — an open-source model with 750 billion parameters and a 1-million-token context window that landed at #4 on the LLM intelligence leaderboard and #2 on Code Arena. It runs at roughly one-sixth the cost of US frontier models on domestic Chinese chips. Z.ai shares have surged over 2,000% since its January IPO, crossing HK$1 trillion (US$128 billion) market cap this week. JP Morgan projects 534% revenue growth and profitability by 2028, with a Shanghai dual listing to fund AGI research. The irony: pulling Anthropic offline handed China's open-source ecosystem its best marketing — and removed the competitor Z.ai needed to beat. GLM-5.5 arrives in August. Sources: Reuters, South China Morning Post