MiniMax, a Shanghai-based rival to DeepSeek, surged 87% on its trading debut after raising USD$619m (£458m) in an initial public offering. The shares rose to HK$310 (£31), giving the company a market capitalisation of more than USD$12bn (£8.88bn) and highlighting strong investor appetite for China’s fast-growing AI sector.

Some US staff received notices last week that they won’t join the new joint venture led by Oracle, Silver Lake and MGX, Business Insider reported.