A key factor in supporting talent development among gifted students is the fostering of a growth mindset in their learning. However, there has been little research on the subject-specific mindsets of these students and their teachers. This study examined the mindsets of academically gifted Finnish upper-secondary students (N = 164) and Finnish physics teachers (N = 131) concerning overall and physics-specific intelligence and giftedness. A quantitative approach was used, the data being collected through online questionnaires. The mindsets of both students and teachers were more malleable with regard to intelligence than to giftedness, but with regard to giftedness the teachers' mindsets were more malleable than those of their students. Gender- and grade-level-related differences were found among the students. Among the teachers, variances related to teaching experience, those with the least experience having the most malleable mindsets. The students had similar general and physics-specific mindsets, whereas the teachers' physics-specific beliefs were more malleable than their general beliefs. The mindsets of the gifted students were not particularly growth-oriented, indicating that encouraging malleability may help them to reach their full potential. The results also highlight the need to distinguish between the terms intelligence and giftedness in research on mindsets.