# JP Morgan

The Pricing Power Paradox: Why China’s Zhipu AI is Winning the Global Large Model Shakeout

Following the regulatory restriction of Anthropic’s Fable 5 model in the US, China’s Zhipu AI has emerged as a primary beneficiary, demonstrating significant pricing power and technical leadership. Market valuations are now pivoting toward companies that can offer high-level reasoning and maintain margins, creating a clear divide between 'AI infrastructure' leaders and general tool providers.