MINIMAX-WP's stock plummeted 12.15% intraday, extending a multi-session decline that has seen the stock retreat sharply from its recent highs.

The sell-off comes amid mounting competitive pressure from DeepSeek, which recently launched and open-sourced its V4 preview model while signaling that its V4 Pro pricing will be significantly reduced in the second half of the year. The prospect of intensified price competition in the large language model space has weighed broadly on AI concept stocks.

Adding to near-term headwinds, reports have surfaced regarding service stability issues at MiniMax, with paid API users citing frequent errors and prolonged system instability. Despite these challenges, some analysts maintain constructive views on the company's long-term prospects within China's AI adoption cycle.