China Releases Kimi K3 AI Model; US Chip Stocks Drop Amid Concerns Over Global Competition
Moonshot, an Alibaba-backed startup in China, launched its new open-source AI model Kimi K3 with 2.8 trillion parameters, raising concerns about the sustainability of America's AI leadership and causing a sharp decline in U.S. chip stocks like NVIDIA (NVDA), AMD, and Broadcom (AVGO). The Philadelphia Semiconductor Index fell by 12.5% this week.
Tickers: $AMD $AVGO $BABA $NVDA $TSM
Topics: AI China-US tech competition semiconductors stock market reaction