US Tech Stocks Tumble $850 Billion at Friday Open After Kimi K3 Model Draws OpenAI Praise
Chinese startup Moonshot AI announced its Kimi K3 artificial intelligence model on Friday, sending US technology stocks sharply lower and wiping out more than $850 billion in market value at Friday's market open. The announcement coincided with China's President Xi speaking at the World AI Conference in Shanghai, raising immediate concerns about the durability of the domestic AI valuation rally.
An executive at OpenAI's Strategic Futures division noted the model performs well in coding sessions and matches the best public models from the first quarter of 2026, though high token consumption suggests significant running costs. Wall Street analysts are assessing the competitive threat to US artificial intelligence firms, with fund managers tracking the SOXX and QQQ funds trading through the selloff.
From the sources (25 posts)
@cryptoroverMASSIVE CRASH 🩸 ¥39,000,000,000,000 has been wipedout from Japanese Stock Market today as NIKKEI crashes 2.20%.
@cointelegraph🇯🇵 BIG: Japan’s Nikkei 225 has entered a technical correction after falling more than 10% from its June record high, wiping out roughly $400 billion in market value.
@globalmktobserv‼️JAPANESE STOCKS JUST ENTERED A TECHNICAL CORRECTION: The Nikkei 225 dropped -4% on Friday, now more than -10% below its June 25 peak, marking a technical correction and its worst weekly loss since April 2025. The broader Topix fell -2.7
@ftGlobal stocks tumble as AI trade goes into reverse
@businessA selloff in Asian chip stocks gathered pace, as TSMC’s strong results failed to clear investors’ lofty expectations, stoking worries over heavy spending and a weaker outlook for profitability.
@firstsquawkJAPANESE STOCKS PLUNGE AS AI DELEVERAGE SENDS KIOXIA DOWN 16%
@reutersStocks sink as chip rout deepens, oil set for weekly gain
@cryptorover🚨 HUGE crash in Asian Markets. Over $970 billion has been wiped out from Asian stock markets today. 🇯🇵 Japan: $350B erased (51 trillion yen) 🇨🇳 China: $360B erased (¥2.6 trillion yuan) 🇭🇰 Hong Kong: $110B erased (HK$860 billion) 🇹🇼 Ta
@reutersChina's Moonshot unveils world's largest open AI model, closing in on US rivals
@deitaoneCHIPS TAKE A HIT Semiconductors are under pressure as investors reassess the AI trade. China’s Moonshot claims its Kimi K3 model can compete with OpenAI and Anthropic, sparking fresh concerns over AI valuations and chip spending. Despite
@cnbcChinese startup Moonshot AI unveils Kimi model it says rivals OpenAI, Anthropic
@barchartNasdaq 100 Futures getting pounded 📉 📉
@cnbcChinese startup Moonshot AI has unveiled a new model it says closes the gap with leading U.S. offerings and surpasses OpenAI and Anthropic’s most capable systems on some benchmarks. Kimi K3 still trails Anthropic’s Claude Fable 5 and OpenA
@businessJapanese stocks tumbled as the sell off on Wall Street sparks concerns about the sustainability of the artificial intelligence rally
@businessChinese AI pioneer Moonshot touts a model that performs on par with some of the top-tier platforms from OpenAI and Anthropic
@businessA surprise breakthrough from Chinese AI startup Moonshot rippled through global markets Friday, sending AI and semiconductor stocks sharply lower as investors drew parallels with last year’s “DeepSeek moment” https:
@wallstengineJapan and Taiwan markets got hit hard in Asia-Pacific trading Friday. Japan fell 6.2%, while Taiwan dropped 4%.
@globalmktobserv🔴SOUTH KOREAN LEVERAGED ETF BUBBLE BURST IS INTENSIFYING: Assets under management (AUM) of the 3 largest 2x leveraged long SK Hynix ETFs have dropped over -55% since their June peak, briefly falling below $10 billion. These 3 funds are CS
@dcinvestorit’s getting hard to imagine that these American AI companies don’t eventually bankrupt each other and lose a lot of investor money trying to do whatever it takes to stay ahead by a very thin margin which will become less and less relevant
@dcinvestorso Kimi-K3 isn’t a distillation of an American frontier model, is much more efficient than Fable, and is free to use (if you have the compute)? if the American plan for global competitiveness is that the Chinese are worse at math and progr
@businessUS equity futures fell as a selloff in semiconductor stocks gathered steam
@globalmktobserv‼️SOUTH KOREA'S LEVERAGED TRADERS ARE DEEP IN THE RED: Korean retail investors saw ~1.2 million of their trading accounts trigger margin calls, with 320,000 to 360,000 accounts ultimately forcibly liquidated by brokers. TAP IMAGE TO SEE F
@reutersA brutal selloff in chipmakers rippled through global markets, triggering a rout across Asia and setting up steep losses in Europe and the US as investors abruptly reassessed the durability of the artificial intelligence-driven rally https:
@nic_carterFrom an ecological perspective, western frontier models are a common pool resource that Chinese open weight models exploit. They are finite, because if you exploit them too hard, they lose the incentive and resources to train new models, an
@nic_carterI think the answer here is that China is happy to “liberate” American frontier capabilities via open weight distilled models for a soft power win globally. By bringing everyone up to the frontier China destroys an asymmetry that benefited t