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China’s road ahead for AI large models is still long.
JPMorgan Chase’s latest estimate of indicative annual recurring revenue (ARR):
Zhipu: about $1 billion
DeepSeek: about $500 million
MiniMax: about $300 million
Kimi: about $300 million
The four combined are less than $2 billion.
Compare:
Anthropic: about $79.5 billion
OpenAI: about $51.5 billion
The gap remains enormous.