Stock surges 15%: the market MiniMax H3 has opened up hides the biggest expectations gap - 36Kr

MiniMax unveiled its multimodal generation model H3 on July 31 and said it plans to open-source it, sparking an immediate market reaction.

Investors see H3 as a breakthrough in controllability, pricing, and ecosystem openness for AI video generation.

MiniMax-W shares jumped as much as 15% intraday, lifting sentiment across Hong Kong tech stocks.

The 0.8 yuan-per-second pricing and open-source strategy could accelerate enterprise adoption and reshape valuation expectations for AI video commercialization.