On July 21, UBS issued a report stating that it believes China's open-source ecosystem will accelerate technology diffusion and generate R&D synergies, helping more Chinese AI labs narrow the capability gap with global peers. Although Chinese AI developers have smaller funding scales compared to overseas counterparts, the capability breakthrough and architectural innovation of Kimi K3 released by Moonshot AI are expected to alleviate investor concerns about training compute constraints or model distillation. The bank reiterated that cost efficiency remains a core advantage of Chinese AI models and believes that as the industry shifts toward token optimization, they are expected to gradually gain global market share. UBS said it holds a positive view on Chinese cloud vendors Alibaba, Tencent, Baidu, and Kingsoft Cloud, driven by industry tailwinds from AI training and inference demand; it is particularly bullish on Alibaba due to the progress of its Qwen 3.8 and its strategic exposure to Moonshot AI.
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UBS: Chinese AI models expected to gradually gain global market share
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