Zhipu AI Stock Surges 33 Percent as Fable 5 Export Ban Resets AI Vendor Race

Zhipu AI's stock surged as much as 48% intraday on the Hong Kong Exchange, finishing up 33% after a U.S. export-control order disabled Anthropic's Claude Fable 5 and Mythos 5. The order requires individually validated export licenses for foreign nationals, creating a global outage as Anthropic could not verify nationality at scale. On the weekend, Zhipu launched GLM-5.2, its latest open-source model, signaling a response to restricted access. Beij­ing-based Zhipu, listed on HKEX in January 2026, framed GLM-5.2 as part of a broader push for open AI development in a geopolitically constrained market.