Zhipu's market capitalization recently slipped from HK$1 trillion ($128 billion) to HK$730 billion ($93.5 billion), despite its MaaS platform achieving RMB 1.7 billion ($230 million) in ARR, a 60x year-on-year increase. Founder Tang Jie's internal letter conspicuously avoids the company's coding-driven revenue surge, instead emphasizing AGI milestones like long-horizon task planning and autonomous agent systems.