Chinese AI firms Z.ai and MiniMax could remain loss-making until 2030, Macquarie says

SCMP TechSeptember 8, 2026en

Chinese artificial intelligence companies Z.ai and MiniMax could remain loss-making through 2030 even as their revenues surge, underscoring the enormous cost of competing at the technological frontier, according to Macquarie Group’s head of Asia internet and software research Ellie Jiang. One reason cited was the expense required for the computing power to train and run frontier AI models. Jiang told the South China Morning Post on Tuesday that China’s compute crunch was two to three times more...

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