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<Research> JPM Turns More Positive on MINIMAX-W (00100.HK) M3 After First Batch of Third-Party Validation Data
Recommend 19 Positive 32 Negative 20 |
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JPM released a report stating that after the first batch of third-party validation data was published, it has turned more positive on the M3 model of MINIMAX-W (00100.HK). At launch, the bank noted in its June 1 report that M3’s premium pricing was a strong signal of MiniMax’s ambition to pursue state-of-the-art (SOTA) capabilities. At that time, the key missing elements were independent user feedback, third-party benchmark validation, and actual token consumption data. Since then, Artificial Analysis, Code Arena and OpenRouter have provided additional evidence. M3 now ranks among the leading frontier models in China on Artificial Analysis; on the Code Arena WebDev leaderboard, it ranks 7th by model and 4th by laboratory, with scores close to Zhipu GLM-5.1. Shortly after launch, its daily token usage on OpenRouter exceeded 500 billion. However, these new positive data points have not fully addressed market concerns over its ability to sustain pricing power. The bank believes the next key validation lies in retention: if usage on OpenRouter remains strong after the 50% discount ends, and if M3 continues to gain broader adoption in coding tools, MiniMax’s premium model strategy will become more convincing and help reinforce its ARR quality narrative. Conversely, if token usage declines significantly after the discount period, or if feedback from coding tools proves mixed, the market may continue to question whether M3’s quality advantage is sufficient to defend premium pricing against competitors such as DeepSeek. (ha/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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