$MINIMAX-W(00100.HK)MiniMax has been cut in half in two weeks, from 840 to 420, but the most brutal part isn't how much it fell. It's a company that only made $25.6 million USD last quarter, yet its market cap stubbornly holds at 130 billion HKD, a 170x PS ratio—can you believe it? The balance sheet is even worse, with negative net assets of $2.6 billion USD and $3.6 billion in debt, purely in a stage of surviving on financing. Don't even get me started on the technicals: all moving averages are flatlining, MACD is lying flat below the zero line. Seeing oversold and thinking of bottom-fishing? Institutions net sold over 40 million, $MINIMAX-W(00100.HK) is running faster than you. The AI large model path is too crowded; ByteDance, Baidu, Alibaba, Tencent—which one doesn't have more money, talent, and use cases than it? And there's still lock-up expiration waiting. It can bounce after falling this much, but don't mistake a rebound for a reversal.