SenseTime Shares Soar on New AI Model -- WSJ

Dow Jones04-24

By Rebecca Feng

Shares of SenseTime, a Chinese artificial-intelligence company, surged 31% on Wednesday before the company halted trading for the remainder of the day.

The company unveiled its latest generative AI model, SenseNova 5.0., on Tuesday. The model has met or exceeded GPT-4 Turbo in mainstream objective evaluations, the company said in a statement, referring to OpenAI's popular tool.

The U.S. government added SenseTime to a blacklist that barred Americans from buying its shares in December 2021. That same month, SenseTime went public in Hong Kong. SenseTime shares have been in almost constant decline since. Even after Wednesday's surge, they are 79% below the IPO price.

Meanwhile, Mobvoi Inc., another ChatGPT rival in China, wasn't so fortunate. Shares in the Google-backed company fell 21% on their trading debut Wednesday. Mobvois initial public offering raised $41 million.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 24, 2024 06:26 ET (10:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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