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<Research>Haitong Int'l Initiates Coverage on KNOWLEDGE ATLAS/ MINIMAX-WP with Rating Outperform
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The competitive landscape at the tech model level is changing rapidly, with some considering it too fast, as evidenced by the model rankings even changing quarterly, Haitong International said in its research report.

Compared to the initial emergence of ChatGPT when numerous LLM startups appeared to capture the new wave, however, the current market participants are much more stable, the report highlighted.

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Haitong International believes a more predictable competitive environment will increase the chances for MINIMAX-WP (00100.HK) and KNOWLEDGE ATLAS (02513.HK) to continue thriving and potentially become part of the "endgame" in the AI era.

The broker has initiated coverage on KNOWLEDGE ATLAS and MINIMAX-WP with an Outperform rating and target prices of HKD860 and HKD1,400 respectively.
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