Equity Bottom-Up

MINIMAX-W: Beware the Throat-Cutting Competing Model From Anthropic

08 Oct 2026 By Ke Yan, CFA, FRM
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Abstract: Anthropic released Haiku 5.5 on 7 Oct at an OpenRouter list price of USD0.10 per 1M input tokens and USD0.50 per 1M output tokens. We analysed Haiku 5.5's competitiveness against five Chinese models, including MiniMax-M3, on Artificial Analysis intelligence scores and OpenRouter list prices. We reiterate our short view on MiniMax, as M3.1 is unlikely to match Haiku 5.5 and MiniMax faces a placement overhang.

MINIMAX (100 HK) Z.AI (2513 HK)

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MINIMAX, Z.AI

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