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2026-07-20 12:55:25 Moonshot AI (Kimi) released its open-weight model Kimi K3 last Friday (17th), featuring 2.8 trillion parameters and achieving new global standards in coding and certain agentic capabilities, Goldman Sachs said in a report. The model delivered outstanding performance in Arena.ai coding rankings and Artificial Analysis Intelligence ratings. The broker believed K3 pricing has set a new high for domestic models, with blended pricing at USD2.3 per million tokens, higher than Qwen3.7 Max's USD1.4, Z.AI (02513.HK)'s GLM5.2 at USD0.9, MINIMAX-W (00100.HK)'s M3 at USD0.22, and DeepSeek V4 Pro at USD0.18, although still below the world's most advanced models. In cloud and data center services, which Goldman Sachs viewed as its top sub-sector pick within China's internet sector, the broker stayed upbeat on core names including BABA-W (09988.HK) (BABA.US), GDS-SW (09698.HK) (GDS.US), VNET Group, Inc. (VNET.US), and KINGSOFT CLOUD (03896.HK) (KC.US), underpinned by continued expansion in capex by hyperscale AI companies in 2H26. In the AI model sector, Goldman Sachs highlighted MINIMAX-W as a key focus due to its considered upside in risk-reward terms. Whether MiniMax can further improve its overall competitive position will hinge on its pricing power following the recent completion of fundraising and strengthened financial position. The broker foresaw performance of MiniMax's upcoming H3 video generation model (which enjoys a more favorable industry competitive landscape than text models), as well as the launch timetable for the next-generation M3 update (focused on further enhancing coding intelligence through post-training/reinforcement learning), to become the next phase's core growth drivers. Goldman Sachs estimated the M3 update will take place between July and August, while the larger-parameter M3 Pro model was expected to launch later in 2H26. ~ AASTOCKS Financial News Website: www.aastocks.com | |