New Delhi, June 15 -- If 2025 was the year of vibe coding and agentic systems, then 2026 is the year of artificial intelligence (AI) stock listings around the world.

Interestingly, the first pure-play large language model (LLM) stock to be listed anywhere in the world was of the Chinese company Knowledge Atlas, better known as Zhipu.ai, in January. The second, Minimax, also a Chinese company, listed a day later.

Although both companies were reporting heavy losses, their share prices had surged by as much as 15 times and eight times, respectively, by their peaks in May. Together, they raised about $1.2 billion through their initial listings on the Hong Kong Stock Exchange (HKSE) and are now targeting an additional $2-4 billion through du...