Moonshot’s Kimi K3 Pressures US Chip Stocks

China’s Moonshot released Kimi K3 on Thursday, saying the open model matches Anthropic’s Claude Fable and OpenAI’s GPT-5.6. The Alibaba-backed startup says Kimi K3 has 2.8 trillion parameters and will be free to download from July 27, according to BeInCrypto, while US chip stocks slid and the Philadelphia Semiconductor Index fell 12.5% this week, its worst week in over 15 months.