Capital Briefs
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MiniMax Says ARR Is $800M and Token Use Is Up 20x — Triangulate Before You Cheer
MiniMax told its mid-year call that August ARR crossed $800 million and July token consumption hit 20 times January’s level. Cross-checked against the revenue line…
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The Memory Supercycle Has a Receipt Now
Two first-half earnings reports — one memory maker swinging to a 77.6 billion yuan net profit after a loss, one leading foundry up 94.2% —…
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One Demand Signal Is Never Enough Evidence
A practical, evidence-led examination of consumer demand and service delivery, focused on coordination, access, timing and the operating measures that turn a visible trend into…
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The Capital Now Flowing to Where the Intelligence Is
Capital has always flowed to the advantage. It is now flowing to the intelligence — the companies, the clusters and the countries that hold the…
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Venture Capital’s China Revival Is Real, but the Exit Question Lingers
Chinese startups raised $31.9 billion in the first eight months of 2026 — up nearly 470% year on year. Fund managers are rushing to raise…