Акции Zhipu (Z.ai) взлетели на 37% после запуска дата-центра на китайских чипах

Shares of Chinese AI developer Z.ai (Zhipu) jumped 37% on the Hong Kong Stock Exchange on July 21, 2026, closing at HK$12.19 ($1.55) — after the company completed construction of a 1-gigawatt data center running entirely on Chinese chips.

What triggered the stock rally

Z.ai shares rose 37% in a single trading session on July 21, 2026, recouping a prior weekly decline of more than 40%. According to the South China Morning Post, the reversal was triggered by news that the company had completed a giant AI computing center.

• Stock rally — +37% in a day, closing at HK$12.19 ($1.55)
• Prior to that — a decline of more than 40% over the week
• Capacity of the new data center — 1 gigawatt (GW)
• Hardware — entirely Chinese chips, no Nvidia accelerators
• Purpose — training and deploying models in the GLM family

What is this data center

Z.ai's data center is a 1-gigawatt computing complex designed for training and running the company's own GLM-family models. According to sources familiar with the matter, the facility has already been built and is being brought online.

A capacity of 1 GW puts the site on par with the world's largest AI clusters — American hyperscalers allocate the same amount of energy to their flagship campuses. For training large language models, the key resource is compute volume, so a center of this scale gives Z.ai the ability to train larger versions of GLM without renting capacity from others.

Why Chinese chips matter

The key detail of the news is that the data center runs entirely on Chinese chips, without Nvidia processors. This is a direct response to US export restrictions, which since 2022 have blocked China's access to top-tier American-made AI accelerators.

The company has built a 1-GW computing center that will be used for training and deploying GLM models, — according to sources familiar with the matter, reports the

South China Morning Post.

Zhipu, known for its GLM family of models, is reducing its dependence on imported accelerators and on political risk by betting on domestic hardware. For investors, this is a signal that Chinese AI companies are able to scale up compute on their own — and that is exactly what was reflected in the stock price that same day.

What it means

Z.ai's 37% stock reversal shows that the market places a high value on sovereign AI infrastructure: a proprietary data center on Chinese chips is seen as a strategic advantage, not a forced substitute for Nvidia. For the entire Chinese AI industry, this is one more step toward independence from Western hardware.

Frequently Asked Questions

Why did Zhipu (Z.ai) shares rise?

Shares jumped 37% in the session on July 21, 2026, after the company completed construction of a 1-GW data center on Chinese chips. This allowed the stock to recoup a prior decline of more than 40% over the week.

What kind of data center did Z.ai build?

It is a 1-gigawatt computing complex running entirely on Chinese chips. According to the South China Morning Post, it will be used for training and deploying models in the GLM family.