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THE CHINESE AI FIRM BEATING DEEPSEEK
UBS Picks Its Winner
MiniMax $MNMXF ( 0.0% ) is emerging as UBS’ $UBS ( ▼ 1.33% ) preferred play in China’s rapidly evolving AI race.
The bank initiated coverage with a Buy rating and a HKD1000 price target, implying roughly 33% upside from recent levels.
UBS considers the Shanghai-based company well-positioned to gain share in the global enterprise AI market.
While speculation builds around a new DeepSeek release, UBS believes investors should focus on where usage is actually shifting.
One Tenth The Price
MiniMax’s M2.5 model reportedly rivals Anthropic’s Claude Opus 4.6, but at about one-tenth the price.
According to UBS, mid February usage data showed MiniMax already reaching roughly one-third of Claude’s usage volume.
OpenRouter data indicates developers are increasingly choosing MiniMax over DeepSeek’s V3.2 and several US competitors.
UBS also highlights MiniMax’s breadth. The company offers text, video, audio generation, and AI companionship tools, not just coding.
A Multi-Billion Dollar Shot
UBS estimates MiniMax could capture 3% of the global enterprise AI market in an optimistic scenario, representing about $41 billion in segment revenue.
Video generation presents a $5 billion opportunity, while AI companionship could add roughly $4 billion.
The firm notes AI leadership can shift quickly. But if MiniMax’s momentum continues, UBS sees potential for even greater upside.
In a crowded field of Chinese AI launches, UBS believes this model stands out.
