Woofun AI reports that JPMorgan Chase released a research note highlighting how competitive models expand adoption via open-source weights and monetize through APIs, enterprise deployment, and workflow products, while weaker models face price competition.

The bank raised SmartSpectrum's 2026-2030 revenue forecast by 3%-9%, narrowed 2026-2027 loss estimates to RMB 3.711 billion and RMB 3.141 billion, and revised the 2028 forecast from a RMB 1.287 billion loss to a RMB 2.367 billion profit. The target price increased from HK$1800 to HK$2000 with a "Buy" rating maintained. Conversely, JPMorgan lowered MiniMax's 2027-2030 revenue forecast by 2%-8% and cut the target price from HK$400 to HK$300, maintaining a "Neutral" rating amid concerns over permanent discounts on the M3 model.