MiniMax Shares Drop After AI Rivalry Escalates

MiniMax Group Inc. has seen its stock price plummet, wiping out all gains made since its January IPO. The decline came as the company faces mounting pressure from rival AI firms, intensifying competition in the sector. Investors are growing wary of the company's ability to maintain its market position amid rapid technological advancements. The stock hit a low of HK$159.3 on Thursday, down from its IPO price of HK$165. This sharp drop signals a shift in investor confidence, reflecting concerns over MiniMax's long-term prospects in the AI landscape.