MiniMax and Z AI stocks plunge over 80% from peaks, erasing $150B in value
GaryMarcus · x · 2026-10-23
Chinese AI listings have collapsed since their January debuts: MiniMax is down 87% and Z AI down 81% from their peaks, wiping out a combined $150 billion in market value.
- Token price cuts by Chinese and US AI companies have intensified competition and pressured profitability; both firms remain unprofitable.
- New, cheaper and better models haven't reversed the declines, and their latest offerings still trail leading US models in intelligence.
- Potential IPOs by DeepSeek and Moonshot AI could further draw capital away, adding pressure on pre-IPO investors.
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