On the first day of the release of minimax, it fell back to where it started, completely widening the gap with Zhipu. The market value of the two companies has increased by 10 times, and Zhipu has also issued additional shares to raise HKD 30 billion, completely reversing the trend in six months. Goldman Sachs, Bank of America, and Citigroup, three investment banks, have all given minimax a buy rating. Although the cornerstone shareholders who participated in Pre IPO have expressed their willingness to hold on for a long time, the fact proves that the huge amount of unlocking and selling pressure is still too great. Roughly calculated, if the unlocking shareholders say that holding on for a long time is true, the actual chips that will smash the market may only account for 10-15% of the unlocking. The founding team and core employees have not yet started unlocking. Minimax faces several bad news 1. M3 boasts cost-effectiveness, but in fact, there is not much difference between it and DeepSeek V4Pro, and the gap between it and GLM5.2 is even greater. The mid-range pricing is a bit awkward. 2. There are still 56.96 million shares waiting to be unlocked, which will be unlocked on October 8, 2026. In January 2027, the founder and core personnel will also gradually lift the ban. This half year will continue to be under pressure 3. The gross profit margin of C-end products such as Talkie, Hailuo, Audio, etc. is very low, but the company's revenue is mainly contributed. 4. Goldman Sachs' phone conference stated that the management is confident in achieving $1 billion in ARR revenue by 2026. The current turning point may be the release of a new generation model with a parameter volume of up to 2.7 trillion yuan in the third quarter. If the new model is not released after the lifting of the ban on October 8th, there will be a good opening point, and the current price of minimax has fallen back to the price when it was listed.