Moonshot AI, the Alibaba-backed Beijing startup, has released Kimi K3, a 2.8-trillion-parameter open-weights model it bills as the world's first open model in the three-trillion class, sending US technology shares lower as China stakes a claim to AI leadership. The announcement, which surfaced around the World AI Conference (WAIC 2026) in Shanghai and coincided with a high-profile appearance by Chinese President Xi Jinping, revived market anxieties reminiscent of the earlier DeepSeek shock over the competitive threat posed by low-cost, openly available Chinese systems.
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