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Do we have any proof that this was made by xAI and isn't some Chinese open model running with modifications?

Their inital image generation was a wrapper around Flux.

Even if they did start from an open model base, does (or should) that matter if it performs well?

Genuinely asking.

It matters for how much money they are valued at. If they don't have the ability to develop true frontier models in-house, why are they worth $1T+?

It’d be real funny if this was just GLM 5.2 trained on Cursor data