JPMorgan trims crypto target 15%, backs Chinese AI IPOs as MiniMax soars 230%
JPMorgan cut its price target on a leading crypto exchange by 15%, lowering it to $70 per share ahead of its Q4 earnings, citing soft trading volumes and higher funding costs. Its analysts and Goldman initiated coverage on multiple Chinese AI IPOs, with MiniMax shares jumping 230%, and the bank also listed Microsoft among 19 software firms likely to withstand AI disruption.
1. Crypto Price Target Revision
JPMorgan reduced its price target on the top crypto exchange by 15%, setting it at $70 per share ahead of its Q4 earnings release. Analysts pointed to declining trading volumes and rising funding costs as the primary reasons for the downward adjustment.
2. Coverage of Chinese AI IPOs
JPMorgan and Goldman Sachs simultaneously initiated research coverage on multiple newly listed Chinese AI companies, assigning buy ratings across the board. One of those names, MiniMax, saw its shares surge 230% on the first day of trading, highlighting strong investor appetite for AI-themed offerings.
3. AI Survivors Report
In a separate thematic analysis, JPMorgan identified 19 software companies, led by Microsoft, as well positioned to weather AI-driven disruption. The report cited established cloud platforms, diversified enterprise relationships and recurring revenue models as key defensive attributes.