X.PIN· @thexpin · X·· 2026-08-26AI 评分44
AI 导读
标普全球表示，在财报发布前，针对MiniMax和Z.AI的空头押注创下纪录，分别达到流通股的20%和6%。尽管较峰值下跌超50%，Z.AI自1月以来仍上涨超800%，MiniMax上涨超80%。6月M3降价以及月之暗面Kimi K3带来额外压力。全球仅有的两家上市纯模型开发商如今面临阿里巴巴、DeepSeek和月之暗面的竞争。法国巴黎银行资产管理公司的David Choa表示，低成本开源模型削弱了稀缺性——现在判定长期赢家还为时过早。
正文 · 原文
Short bets against MiniMax and http://Z.AI hit records before earnings, reaching 20% and 6% of free float, respectively, S&P Global says.
Though down 50%+ from peaks, http://Z.AI is still up 800%+ since January and MiniMax 80%+. A June M3 price cut and Moonshot’s Kimi K3 added pressure.
The world’s only two listed pure-play model developers now face Alibaba, DeepSeek and Moonshot. BNP Paribas AM’s David Choa says low-cost open models erode scarcity—and it is too early to name lasting winners.
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