(Bloomberg) -- Wall Street analysts are buying into the excitement over Chinese stocks related to artificial intelligence, as shown by the first ratings for the companies in a recent wave of listings.

JPMorgan Chase & Co. recommended that investors buy the stocks of AI intelligence model developers MiniMax Group Inc. and Knowledge Atlas Technology JSC Ltd., also known as Zhipu. Goldman Sachs Group Inc. rated chip designers Shanghai Biren Technology Co. and MetaX Integrated Circuits Shanghai Co. new buys on the strong AI growth outlook. The shares of MiniMax and Zhipu jumped on Tuesday. MetaX rose as well, while Biren pared Monday’s gains.

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A crop of new star companies is emerging from the boom in Chinese technology, spurred by the competition with the US and accelerated by DeepSeek’s breakthrough a year ago. The stellar debut of chip designer Montage Technology Co. on Monday showed that investor demand for the industry remains strong, even after sentiment has wobbled around global technology shares.

Shares of Knowledge Atlas, also known as Zhipu, climbed as much as 24% to a record high and MiniMax’s gained as much as 11% after JPMorgan analysts including Olivia Xu initiated coverage of the pair at overweight. Both went public last month — along with Biren, with Metax’s listing in December — taking advantage of the strong AI tailwind in Hong Kong’s stock market. MiniMax has soared about 230% in a little over a month while Zhipu has jumped more than 170%.

The two companies are “top picks to capture the next wave of global AI value creation,” JPMorgan’s analysts wrote in a note. “We believe MiniMax and Zhipu stand out as the two most distinctive independent large language model developers with accelerating global footprints.”

MiniMax, which generates most of its sales abroad, will see revenue grow at a compound annual rate of 138% through 2030, according to JPMorgan. The analysts project Zhipu’s sales growth at 127% over the same period, and say both companies should turn profitable in 2029.

Goldman Sachs strategists labeled Biren and MetaX a “local GPU leader” as they initiated coverage, and expected both firms to benefit from China’s rising cloud spending and the government’s support for local AI chips.

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