JP Morgan: Lobster frenzy reflects the expansion of AI realization levels, with MiniMax (00100) and KNOWLEDGE ATLAS (02513) expected to benefit first.

JPMorgan Chase released a research report stating that the recent OpenClaw (lobster) craze reflects that artificial intelligence is transitioning from the conversational level to the execution level. They believe this is significant for the stock market as it expands the realization level beyond the intelligence itself. The firm believes investors should focus on five value levels, including cloud hosting and deployment, models and application programming interfaces (API) supply, workflow entry points, security and compliance, and enterprise software or vertical industry workflow integration. The firm believes that the earliest and most direct beneficiaries may be model and reasoning enterprises, such as MiniMax-WP (00100) and KNOWLEDGE ATLAS (02513), as well as cloud and deployment beneficiaries such as Alibaba-W (09988), TENCENT (00700), and Baidu-SW (09888). Over time, existing enterprises that are able to retain agent software usage in communication, search, productivity, and payment interfaces will also benefit. The second wave of potential upside may come from security and enterprise software suppliers, as deployment requirements become more controllable, auditable, and industry-specific.