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I recently came across an interesting data comparison regarding valuation phenomena in the AI sector.
Minimax's situation is as follows: a market cap of $14.7 billion, annual revenue of $64 million, resulting in a price-to-sales ratio of up to 228.
Looking at OpenAI, with annual revenue of $13 billion and a valuation of $800 billion, the price-to-sales ratio is approximately 62.
This comparison is quite intriguing — Minimax's valuation premium is actually 4 times higher than OpenAI's, yet its annual revenue scale is only 0.5% of theirs. What does this reflect? Is it the market's expectation for domestic AI development prospects, or a signal of valuation bubbles? Different investors might have different interpretations, but this data is indeed worth pondering.