Scarcity and market enthusiasm can lift AI valuations, but only revenue and commercial deployment can sustain them, he said.

The startup believes embodied intelligence requires a unified architecture.

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Its marketplace business is growing quickly in the US, but it faces a long road against established players such as Amazon.

The model uses the same base as GLM-5.2 but delivers stronger results across coding and cybersecurity benchmarks.

Stronger margins and narrower food delivery losses helped offset weakness in electronics and home appliance sales.

Prices will not be cut in other sectors despite weakness in smartphone and automotive markets.

The company is expanding its multi-brand strategy as it seeks growth beyond its self-operated business and benchmarks itself against Inditex and H&M.