Foundation and Large Models

Volcano Engine’s market share grew in 2025, even as more competitors entered the market.

With restructuring complete and industrial investors joining its cap table, StepFun is moving closer to a public market debut.

DeepSeek V4 has clear advantages, but it also shows why no AI model can serve every use case yet.

MiniMax and Zhipu, part of the cohort, have already entered the public markets.

Investors are taking an upbeat view as the AI firm delivers its first earnings report following its Hong Kong listing.

Surging post-IPO market caps are setting new valuation anchors and reshaping investor expectations.

Ernie is embedded into Baidu’s main app to leverage its search dominance.

Global paying users were reported to have quadrupled within days of K2.5’s launch.