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<Research>M Stanley Expects Frontier Models' ARR to Reach at Least US$1B by End-2026, Elevates TPs on MINIMAX/ KNOWLEDGE ATLAS
Foundation models continued to scale, benefiting from US computing power and China's engineering efficiency, Morgan Stanley released a research report saying. The broker believ...
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<Research>M Stanley Expects Frontier Models' ARR to Reach at Least US$1B by End-2026, Elevates TPs on MINIMAX/ KNOWLEDGE ATLAS
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Foundation models continued to scale, benefiting from US computing power and China's engineering efficiency, Morgan Stanley released a research report saying.

The broker believed that the recent surge in token usage and pricing power signals non-linear growth in annual recurring revenue (ARR) for frontier models, as well as higher valuations for high intelligence density (cost per token) frontier models such as MINIMAX-W (00100.HK)  +127.500 (+18.465%)    Short selling $43.95M; Ratio 2.207%   , KNOWLEDGE ATLAS (02513.HK)  +310.000 (+36.905%)    Short selling $35.61M; Ratio 1.000%   and BABA-W (09988.HK)  -0.500 (-0.375%)    Short selling $1.31B; Ratio 11.090%   .

Related NewsCLSA Cuts Alibaba (BABA.US) TP to USD190, Expects Strong Cloud Growth but ST Profit Subdued
Morgan Stanley forecasted that, by the end of 2026, ARR of frontier models will reach US$1-1.5 billion, and further expand to US$2.5-5 billion by the end of 2027 (base-bull ranges), implying 3-5x annual growth.

Therefore, Morgan Stanley elevated its target prices for KNOWLEDGE ATLAS/ MINIMAX-W from $560/ $990 to $990/ $1,100, with both rated at Overweight. The broker also viewed BABA-W as its top pick in China's internet sector.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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