Shares of Chinese AI model maker Zhipu surged after JPMorgan Chase & Co. raised the stock’s price target and picked it as a winner against close rival MiniMax.

Zhipu, which trades as Knowledge Atlas Technology JSC, jumped 33% on Monday, one of its biggest surges since a successful initial public offering in Hong Kong to kick off the year. Alongside MiniMax, whose market debut came a day after Zhipu in January, the company is at the forefront of a wave of Chinese startups developing artificial intelligence tools to rival the best from the US.