KNOWLEDGE ATLAS (02513) rose more than 5%, and as of the time of writing, the stock was up 5.16% to HK$1,000, with a turnover of HK$280 million. A research report noted that explosive growth in Token demand has become a key driver of the computing power shortage. Domestically, according to national statistics, the average daily Token calls exceeded 140 trillion by March this year, representing a more than 1,000-fold increase from 100 billion at the beginning of 2024 and a further 40% growth in just three months compared to 100 trillion at the end of 2025. Internationally, Anthropic experienced seven systemic outages by April due to unprecedented user demand. The latest official disclosure shows that Anthropic's annualized revenue has surpassed $30 billion, more than tripling from approximately $9 billion at the end of 2025, indicating strong user demand. It is believed that as enterprise AI demand reaches a tipping point in early 2026, it could lead to a breakthrough in commercialization, with a strategy similar to that of U.S. AI firm Anthropic. KNOWLEDGE ATLAS's GLM-5.1 model achieves a task completion time of about 8 hours (human equivalent) in long-duration tasks, ranking first among global open-source models and narrowing the gap with Anthropic. Due to improvements in model intelligence, which can expand use cases from developer-centric coding to a broader range of knowledge workers and enterprises, significant market potential is seen for the company. KNOWLEDGE ATLAS's annual recurring revenue (ARR) surged from $39 million in December 2025 to $250 million in March 2026, an increase of 6.4 times.
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