July 3 — Goldman Sachs maintains Buy on MiniMax Group, PT HK$860. GS says
MiniMax’s M3 model is priced at parity with M2.7; training and inference
architecture upgrades lift inference efficiency by more than 2x, sufficient to
offset cost increases from a doubling of model parameters. DeepSeek plans a V4
launch in mid‑July and has rolled out time‑of‑day pricing, with peak‑period
calls charged at 2x off‑peak; GS views DeepSeek’s price increase as indirect
validation of M3’s value proposition. Larger M3 variants and an upcoming H3
video models are flagged as near‑term catalysts.
