Z.ai потратила $680M на убытки: когда агрессивные инвестиции становятся агонией

Bloomberg:
Beijing-based AI company Z.ai reports 2025 revenue of ~$105M, below ~$109M est., and net loss up 60% YoY to ~$680M, vs. ~$545M est., amid aggressive spending  —  Zhipu reported a much faster-than-expected 60% surge in net losses for 2025, underscoring how China's AI upstarts continue …