Moonshot AI Releases 2.8-Trillion-Parameter Kimi K3, the Largest Open-Weight Model Yet, Rattling Markets

China's Moonshot AI unveiled Kimi K3 on July 17, a 2.8-trillion-parameter open-weight model that the company calls the world's largest openly released AI system, a claim that sent chip and technology shares lower as investors reassessed the lead long held by U.S. developers. The Beijing-based startup says the model matches or, on some tests, surpasses leading Western systems, sharpening a debate in Silicon Valley over how quickly Chinese labs are closing the gap.