(FILES) Company chairman Liu Debing (5th R) and attendees pose during the initial public offering (IPO) launch of one of the largest large language model developers in China, Zhipu AI, or Knowledge Atlas Technology, at the Hong Kong Stock Exchange (HKEX) on January 8, 2026. Investor confidence in Chinese AI startups is riding high, but obstacles to their long-term success range from US export controls to the puzzle of how to become profitable. (Photo by Tommy WANG / AFP via Getty Images)