According to CoinMeta, the short positions of two of the listed large model companies in the Hong Kong stock market's "AI dual giants" – MiniMax and Zhipu AI – have both reached record highs. According to S&P P Global data, the shares that are shorted for MiniMax account for 20% of the freely tradable shares, while for Zhipu it is about 6%. MiniMax will release its semi-annual report after the Hong Kong stock market closes on August 26th, and Zhipu will present its financial results on August 31st; shorts are increasing their bets before the financial reports. Both companies were heavily hyped when they went public at the beginning of the year. Currently, Zhipu's stock price is still over 800% higher than its issue price, and MiniMax's price is also over 80% higher, but both have fallen by more than half from their peak levels. Analysts have different concerns regarding the two companies; Hedgeye believes that Zhipu is being constrained by price competition in terms of raising prices and profit margins, while MiniMax is considered "neither the smartest nor the cheapest." What these two semi-annual reports will need to answer is one question: can pure large model companies still make money in an increasingly competitive environment where prices are falling?