AI 导读
S&P Global 称，针对 MiniMax 与 Z.ai 的做空押注在财报前升至创纪录水平，分别占流通股的 20% 和 6%。两家公司股价较峰值下跌超 50%，但 Z.ai 自 1 月以来仍上涨 800% 以上，MiniMax 上涨 80% 以上，6 月 M3 降价与 Moonshot 的 Kimi K3 加大了压力。
正文
Short bets against MiniMax and https://t.co/0DZXxqJWrG hit records before earnings, reaching 20% and 6% of free float, respectively, S&P Global says.
Though down 50%+ from peaks, https://t.co/0DZXxqJWrG 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.
来源：@thexpin · x.com