AI TRENDS | Goldman Sachs Maintains Buy Rating on MiniMax Group With HK$860 Target Price

Goldman Sachs maintained a “buy” rating on MiniMax Group with a target price of HK$860. According to Jin10, a Goldman Sachs report said the MiniMax M3 model is priced the same as M2.7, and upgrades to its training and inference architecture have lifted inference efficiency by more than two times, which the bank said is enough to offset cost increases from a doubling of model parameters. The report noted that this week DeepSeek announced its V4 official version is planned to go online in mid-July, and it will simultaneously introduce a time-based pricing mechanism under which peak-period call prices will be twice the usual level. Goldman Sachs said DeepSeek’s price increase indirectly supports the view that MiniMax M3 offers strong cost performance. The bank also said the upcoming release of a larger version in the M3 series and the H3 video model is being viewed as the next-stage catalyst.