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A private Chinese AI lab delivered numbers at a Goldman Sachs conference on Monday that complicate the most crowded trade in American equity markets.
MiniMax co-founder Yeyi Yun said first-half revenue grew more than 280% while R&D spending grew at only 130%, a ratio that, if it holds, undercuts the foundational assumption behind NVIDIA (NASDAQ: NVDA), Advanced Micro Devices (NASDAQ: AMD), and Broadcom (NASDAQ: AVGO).
The case for owning those three names rests on compute demand outrunning efficiency gains. MiniMax's numbers are self-reported and unaudited, so treat them as directional.
Still, the pattern they describe is worth taking seriously. Yun said first-half revenue had already reached 1.5 times the company's full prior-year figure, with July token consumption running 20 times the January level.
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