Jefferies said Zhipu’s guidance for $2.4 billion in annual recurring revenue by the end of 2026 exceeded expectations but questioned its sustainability. The broker cited a high August comparison base, uneven computing supply, customer concentration, low switching costs and pressure on second-half cloud gross margins. It raised Zhipu’s 2026-29 revenue forecasts by 37% to 119% and lowered projected net losses by 14% to 21%, while cutting its target price from HK$1,299.80 to HK$1,183.79 and maintaining a hold rating. Separately, ZHIPU was trading at $118.12 after falling about 12.8% in 24 hours. A whale address beginning 0xddb8 held 18,320.38 ZHIPU units in a long position valued at about $2.16 million, with an unrealized loss of roughly $791,900 and cumulative funding fees of about $75,700. The position represented approximately 20.9% of ZHIPU’s $10.37 million total open interest.