Zhipu (02513.HK) said in a phone conference with analysts and investors that the company has just completed a $5 billion refinancing with a “small equity, large debt” structure. The financing is to meet capacity expansion requirements for computing power. After the company released GLM-5 in February, demand for model calls surged 10-fold. By the week of the release, the company’s available computing capacity was nearly exhausted, so it had no choice but to stop sales of its flagship product, Coding plan.$NVDA.US