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<Research>M Stanley Expects Frontier Models' ARR to Reach at Least US$1B by End-2026, Elevates TPs on MINIMAX/ KNOWLEDGE ATLAS
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Foundation models continued to scale, benefiting from US computing power and China's engineering efficiency, Morgan Stanley released a research report saying. The broker believed that the recent surge in token usage and pricing power signals non-linear growth in annual recurring revenue (ARR) for frontier models, as well as higher valuations for high intelligence density (cost per token) frontier models such as MINIMAX-W (00100.HK), KNOWLEDGE ATLAS (02513.HK) and BABA-W (09988.HK). Morgan Stanley forecasted that, by the end of 2026, ARR of frontier models will reach US$1-1.5 billion, and further expand to US$2.5-5 billion by the end of 2027 (base-bull ranges), implying 3-5x annual growth. Therefore, Morgan Stanley elevated its target prices for KNOWLEDGE ATLAS/ MINIMAX-W from $560/ $990 to $990/ $1,100, with both rated at Overweight. The broker also viewed BABA-W as its top pick in China's internet sector. Auto-translated by AI AASTOCKS Financial News |
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