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  "text": "MiniMax surpassed Baidu in market cap today. HK$383 billion vs HK$332 billion. Stock is up 51% in two days.\n\nHere is the thing. MiniMax made $79 million in 2025 revenue. Baidu made $18.9 billion. That is a 239x gap. Yet the market now values MiniMax higher.\n\nI published deep dives on both companies' earnings this month. MiniMax's report was the AI industry's first open book from a pure-play model company. Baidu's report revealed why $5.8 billion in AI revenue still wasn't enough.\n\nTwo earnings. Two very different answers to the same question: what does AI survival look like?\n\nMiniMax analysis: https://t.co/oJFjMlt8EG\nBaidu analysis: https://t.co/4nnTIck63V",
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