Anthropic's IPO prospectus exposes the profitability gap with China's Z.ai and MiniMax. Anthropic ran an 85.4 per cent gross margin in the first half of 2026 on 16.3B USD of revenue, against 26.4 per cent at Z.ai and 17.9 per cent at MiniMax. Analysts warn cheap models win users but cannot fund frontier research. https://www.scmp.com/tech/big-tech/article/3373124/why-chinese-ai-stars-zai-minimax-struggle-match-anthropics-profit-margin #China #Tech #AI
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