China's AI firm Zhipu raises $4bn but low float keeps shares volatile

Chinese AI company Zhipu has completed a $4 billion share sale, but the company's persistently low float — meaning only a small portion of shares are publicly tradable — leaves the stock exposed to wild price swings. Even after the fundraising, the thin pool of tradable shares means limited transactions can have an outsized market impact. Zhipu is regarded as one of China's hottest AI stocks.