Chinese startup Moonshot AI released Kimi K3, a 2.8-trillion-parameter open-weight model, on July 16, triggering a global selloff in AI and semiconductor stocks as investors drew comparisons with last year's "DeepSeek moment." The Beijing-based company, best known for its Kimi chatbot, positioned the launch as a direct challenge to leading U.S. systems, and markets responded quickly on Friday with sharp declines across AI and chip names.
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