Zhipu AI, a prominent stock in Hong Kong's large model concept sector, experienced significant volatility on May 29, with its price surging over 23% to a record high of HK$1,993 before sharply reversing into a decline. The fluctuations were driven by substantial profit-taking as investors exited positions after the stock hit its peak. Zhipu remains a leading company in Hong Kong's AI sector by market capitalization, frequently experiencing dramatic single-day price movements. The stock's volatility is attributed to high retail investor activity and limited institutional involvement, making it susceptible to rapid price changes amid speculative trading.