I recently came across an interesting data comparison regarding valuation phenomena in the AI sector.

Minimax's situation is as follows: a market cap of $14.7 billion, annual revenue of $64 million, resulting in a price-to-sales ratio of up to 228.

Looking at OpenAI, with annual revenue of $13 billion and a valuation of $800 billion, the price-to-sales ratio is approximately 62.

This comparison is quite intriguing — Minimax's valuation premium is actually 4 times higher than OpenAI's, yet its annual revenue scale is only 0.5% of theirs. What does this reflect? Is it the market's expectation for domestic AI development prospects, or a signal of valuation bubbles? Different investors might have different interpretations, but this data is indeed worth pondering.