Moonshot's Kimi K3 sends AI and semiconductor stocks into a tailspin

Kimi K3, with 2.8 trillion parameters, is the world's largest open-weight model; its July 17 unveiling sent AI and semiconductor stocks lower, reviving DeepSeek-era cost fears. It matched or beat several leading US models, trailing only Claude Fable 5 and GPT-5.6, and full weights arrive July 27. Its predecessor K2 had 1 trillion parameters.