Abstract: MiniMax officially released its new Flash model on 19 Oct, confirming our earlier view that the anonymous model Space Bunny Alpha was MiniMax's. We compared MiniMax's new Flash model with Chinese and US models on Artificial Analysis intelligence scores and cost per task. We analyzed the usage growth that consensus implies and updated the possible placement timing after the official release of the new Flash model, with MiniMax now trading below its IPO price.
MINIMAX, XIAOMI, Z.AI
Fundamental research on individual Asia Pacific companies, including initiations, company meeting takeaways and event-driven notes on catalysts such as primary listing conversions and index inclusion.
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