Kimi K3 Triggers a Stunning Selloff in U.S. Chip Stocks
Moonshot AI's Kimi K3 model triggered a selloff in U.S. chip stocks after posting benchmark scores rivaling frontier U.S. models at far lower compute cost.
Prashant Jha is a senior correspondent at Fathom, covering AI policy and governance. His beat is the rules and the people writing them: the EU AI Act and its enforcement deadlines, executive orders, export controls, antitrust and copyright litigation, and the widening gap between how quickly governments legislate and how quickly the technology they are legislating changes. He reads the text of the regulation rather than the summary of it, and reports on compliance as an operational problem for the companies involved rather than an abstract one. He is particularly interested in enforcement, on the view that a rule with no case brought under it tells you far less than the first case does, and in the geopolitics of who is permitted to buy which chips.
Moonshot AI's Kimi K3 model triggered a selloff in U.S. chip stocks after posting benchmark scores rivaling frontier U.S. models at far lower compute cost.
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