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Kimi from the Dark Side of the Moon is very likely to become the new king. When I just chatted with JS Sis @diamondhandjs, she mentioned a very practical insight: that these domestically produced models are actually feeding on each other—only after Minimax came down did Zhipu take off. So once a new large model shows competitiveness, it will directly lead to the outcome that Zhipu gets drained.
Only play the new ones, not the old ones—that’s just how brutal it is. I’m bullish on Kimi’s secondary-market performance after its listing (I personally have participated in the investment).