Jefferies has released a research note highlighting that the GLM 5.2 model from KNOWLEDGE ATLAS (ASX: 02513) has achieved a global ranking of third in the Artificial Analysis Model Intelligence Index. This marks the first time a Chinese model has broken into the top three positions. The model also secured fourth place globally in programming capabilities and second place in agent abilities, representing a significant milestone for China's AI development.

However, Jefferies also cautioned that U.S. access restrictions on models like Anthropic's Fable 5 may prove difficult to sustain over the long term, as developers have access to a variety of alternative solutions and open-source models. Currently, Jefferies views KNOWLEDGE ATLAS as overvalued. Based on its guidance to achieve an annualized recurring revenue (ARR) of $1 billion by the end of 2026, its current price-to-ARR multiple stands at approximately 94 times, a stark contrast to Anthropic's multiple of around 18 times.