What changed
Zhipu GLM-5.3-Flash launched on SenseTime's domestic compute. Hong Kong's first AGI stock ripped—agent business alone near $500M.
Claude used a robotic arm to block a $50M payment. Physical-world agents just stopped being theory.
Nvidia owning Hugging Face, the biggest open-source AI platform, rewires distribution. SenseTime's compute is China's hedge.
So what? Agents are moving money and doing physical work. Compute, open-source, and distribution are consolidating fast. Watch HK AI names with real agent revenue.