Anthropic Export Curbs Boost Chinese AI Stocks as Zhipu Surges 33%

Citing national security, the U.S. Commerce Department ordered Anthropic to restrict foreign nationals’ access to its latest Fable 5 and Mythos 5 models, with even non-U.S. employees affected. The move highlights the risk that policy decisions could disrupt access to proprietary U.S. models. Companies may instead turn to lower-cost Chinese alternatives with open weights, positioning Zhipu and MiniMax as potential beneficiaries.

After Anthropic received the directive on June 12, 2026, Zhipu announced that it would release GLM-5.2 as open source that week without usage restrictions. On June 15, Zhipu’s Hong Kong-listed shares jumped as much as 48% intraday before paring their gain to 33%, trading at about HK$1,461. Bank of America initiated coverage of Zhipu and MiniMax the same day, assigning both buy ratings and setting respective price targets of HK$1,250 and HK$500.