JPMorgan on November 3 cut its target price for Zhipu to HK$1,200 from HK$2,000 and for MiniMax to HK$200 from HK$300, maintaining "Overweight" and "Neutral" ratings respectively, while compressing the valuation basis from 20x 2030E P/E to 12x. The bank said the explosion of enterprise AI demand beyond coding is arriving later than expected, leaving the market in a gap between two demand steps, but argued that compute constraints, not weak demand, are the main factor suppressing China AI revenue, and that rising token consumption and improving gross margins at Zhipu suggest bearish pricing is off the mark. Zhipu remains the bank's top pick in the sector, with the November releases of GLM-5.5/GLM-6 and MiniMax's M3 Pro as near-term key catalysts. Both stocks have retreated sharply from their 2026 highs, with Zhipu down about 78% and MiniMax down about 85%. JPMorgan likened the AI model enterprise market to the labor market, judging the market is in the gap between coding and broader white-collar work; coding demand has already validated this pattern, with Cursor's annualized revenue growing from about $1 billion in November 2025 to more than $4 billion in June 2026, and legal tech company Harvey's annualized recurring revenue growing about eightfold in less than two