MiniMax稀宇科技薛子钊：AI大模型不是"砸钱游戏"，国内大模型被严重低估｜Alpha峰会

Core Viewpoints - Domestic large model companies like MiniMax are technically close to or even surpassing their American counterparts in certain areas, yet their valuations differ by two orders of magnitude, with Chinese companies being undervalued despite higher R&D efficiency [2][5][6]. Group 1: Industry Characteristics - The AI industry is fundamentally different from traditional sectors like mobile internet, with the market space driven solely by the intelligence level of models, which can unlock new applications unpredictably [10][12][20]. - The growth rate of the AI industry is remarkable, with annual revenues nearing $30 billion and a monthly growth rate of approximately 10%, indicating a rapidly expanding market [21][22]. - The number of companies capable of continuously releasing globally leading models is decreasing, with only about ten players remaining in the competitive landscape [22][24]. Group 2: Company Insights - MiniMax has positioned itself as a global company from its inception, focusing on co-creating intelligence with partners and maximizing "per dollar intelligence" [5][43]. - The company has made significant advancements in its three-modal models: language, video, and sound, achieving global leadership in various applications [33][36][41]. - The M2 language model, released in October, has become the largest domestic model in the AI programming field, surpassing all other domestic models combined in token usage [3][38]. Group 3: Competitive Advantages - The key to success in the AI industry lies in efficient R&D organizations and continuous innovation, rather than merely having abundant resources [3][6][24]. - MiniMax's approach emphasizes that model development is akin to a complex system engineering project, requiring a deep understanding of various technical details [6][24]. - The company aims to transform AI from an expensive tool into an accessible resource for the general public, aligning with its vision of "co-creating intelligence with everyone" [45].