The Arena
Zhipu's API revenue jumps 27x as China's AI labs prove the token economy
China's listed AI labs are finally producing numbers you can audit, and the morning's filings say the same thing: selling tokens is starting to work. Alongside that, two very different bets on where the next decade of AI data comes from — a wearable rig that records human experience, and a million-token model small enough to run on a phone. Zhipu's first results since its Hong Kong listing show revenue up nearly 400%, and almost all of it now comes from selling tokens.
