Just bought Minimax spot and then shorted Zhipu 1x. The market cap gap between the two has recently narrowed to about 8x. Right now, GLM5.2 is stealing the spotlight, with more hype than Minimax. Benchmark scores are ahead, and the To B narrative seems more solid compared to Minimax's current To C certainty. However, on OpenRouter, the invocation levels of the two models have remained very close, and there's no significant difference in performance. So I think a 3-4x gap makes sense, but 8x is clearly too high. Going long and short at the same time is basically betting that this 8x price gap will shrink. Feels like 10x is the ceiling, but I think it should pull back to 3-4x. This huge gap right now is probably due to mismatched unlock cycles. Just a small bet—odds seem decent.