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AI & Enterprise

AI revenue rises but profits still distant; China\'s Z.ai and MiniMax seen in loss until 2030

China\'s AI companies Z.ai and MiniMax could remain loss-making until 2030 despite rapid revenue growth, with heavy spending on computing resources seen weighing on profitability. Macquarie\'s Ellie Jiang cited a severe shortage of computing resources in China, worsened by U.S. restrictions on exports of Nvidia advanced processors. The firms\' annual recurring revenue is rising, but investors are increasingly focused on costs, margins and other valuation metrics beyond ARR.

AI & Enterprise

Moonshot AI files confidential for Hong Kong IPO as Kimi K3 boosts profile; valuation of $50 billion cited

China AI startup Moonshot AI has filed a confidential application for an IPO in Hong Kong, seeking to raise funds for rapid business expansion. Sources said it is targeting a listing as early as the first quarter of 2027, though timing could change depending on regulators and market conditions. The company is also pursuing a final funding round that could value it at about $50 billion. Moonshot AI recently unveiled its flagship Kimi K3 model.

AI & Enterprise

Salesforce expands zero-copy AI agent ecosystem with Google and Databricks links

Salesforce is expanding links between its AI agents and external data and cloud platforms such as Databricks and Google Cloud. It is highlighting a zero-copy approach that lets agents use data in place without moving or duplicating it, alongside data governance. The company is also combining Agentforce with Informatica’s data catalog, quality, MDM and governance tools. Salesforce said Agentforce annual recurring revenue rose to $1.2 billion in the first quarter, more than tripling from a year earlier.