One of China’s AI tigers is hoping to advance technology and make profits at the same time.
Yan Junjie, CEO of MiniMax, delivers a presentation during a MiniMax event, August 31, 2024. Credit: MiniMax
For a brief moment in January, a new wave of start-ups seemed to hold the future of Chinese artificial intelligence in their hands. The DeepSeek splash sparked a wave of interest in these so-called AI tigers — seven privately-held firms then worth over $1 billion.
In the months since, China’s established internet giants such as Alibaba, Bytedance and Tencent have doubled down on AI and their own large-language models. Many smaller firms have meanwhile reduced their ambitions to focus on s
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