MiniMax (00100) rose more than 19%, H3 max broke the AI live streaming threshold

The Zhitong Finance App learned that MINIMAX-W (00100) continued to expand in the afternoon. As of press time, it had risen 19% to HK$358, with a transaction of HK$5.8 billion.

On the 31st, MiniMax announced that the H3 Max 768P and H3 Max 480P are officially connected to the MiniMax open platform and MiniMax Design. H3 max uses FAL for post-training and inference optimization based on the MiniMax H3 open weight version. A 5-second, 768p full audio and video. The generation time was less than 3 seconds, and the generation speed began to be faster than the playback speed.

This change in speed directly affects the shape of the product. While the previous video is still playing, the system is already able to prepare the next section of content, so the model can be connected to a continuously running live stream. The target served by the video model may also extend from “people who need to produce a video” to “content products that need to continuously generate images.”

The H3 Max supports Wensheng video and Tuteng video, and can generate full audio and video at 480p or 768p, 5 to 15 seconds, and 24 fps. According to data published by FAL, the H3 Max generates 5 seconds, less than 3 seconds for 768p video, and about 15 seconds for 15 seconds; its throughput is about 35 times that of the MiniMax H3 official endpoint.

The acceleration of H3 Max comes from simultaneous adjustments to the model and inference system. FAL added new data on the basis of H3 open weights, continued to optimize instruction compliance and image performance through verifiable reinforcement learning, while adapting it to its own inference infrastructure. H3 Max is at the top of the Design Arena video list and the Artificial Analysis Tucson video list.

Overseas developers have incorporated this ability into actual live broadcasts. FAL engineer Rehan Sheikh connected H3 Max to Twitch and built a “cross-dimensional TV” with no fixed program list. The model continues to generate new images and sounds, and has been viewed nearly 5.3 million times on X.

Huatai Securities released a research report saying that it is expected that the commercialization of AI models will accelerate in the next April-6 months, while the competitive landscape of MiniMax's segments is improving. The company's product launch accelerated in the second half of the year, which is expected to drive rapid revenue growth: M3 Pro is expected to be launched in September-October, and the parameter scale may reach the level of 3 trillion yuan. Guosheng Securities and Guojin Securities published research reports on MINIMAX-W (00100), maintaining a “buy” rating.