Kimi K3's release caused Wall Street to lose 3.2 trillion yuan in market value! Silicon Valley marvels at the speed of China's AI rise.

After Moonshot AI released its flagship large model Kimi K3, it triggered a sweeping selloff across the US AI industry chain. According to statistics, the US AI sector collectively lost approximately $470 billion (about 3.2 trillion yuan) in market value.

Seventeen Wall Street investment banks slashed price targets for AI chip companies overnight. JPMorgan stated in its report that for AI chip stocks, the release of Kimi K3 is undoubtedly adding insult to injury.

A Goldman Sachs partner also said that the era of computing-power expansion may have come to an end. If China's low-cost open-source models are sufficiently capable, the justification for the sky-high capital expenditures of US AI giants will cease to exist.

Silicon Valley is also marveling at the speed of China's AI rise. Ian Storka, a professor at the University of California, Berkeley, said that the gap between China's open-source models and America's most advanced frontier has narrowed from six months to two to three months. Elon Musk commented "impressive" under related evaluations. Chinese open-source models are prompting all of Silicon Valley to re-examine the landscape of AI competition.

It should be noted that on the authoritative front-end programming leaderboard Frontend Code Arena, Kimi K3 topped the chart with 1,679 points, surpassing Anthropic Claude Fable 5's 1,631 points and OpenAI GPT-5.6 Sol's 1,618 points. This is the first time an open-source model has surpassed all overseas closed-source models on an authoritative programming leaderboard.

Currently, cumulative downloads of China's open-source models have surpassed 10 billion, ranking first globally. For every 10 large-model downloads worldwide, 6 come from models developed in China. On the global leaderboard for mainstream large-model usage, all of the top six models come from Chinese teams. Over the past 12 months, Chinese-developed models have held the scale ceiling for global open-source models for 9 months.

Worth mentioning is that less than two weeks after the release of Kimi K3, Moonshot AI completed a Series F financing round, raising over $3.5 billion, with a post-investment valuation of $35 billion.