Chinese Moonshot unveiled Kimi K3: Open AI model beat Claude Fable 5 in coding

The launch of Kimi K3, a new artificial intelligence model from Chinese startup Moonshot AI, triggered a sell-off in U.S. tech stocks last week, led by chipmakers. Investors fear that cheaper Chinese AI models could reduce demand for expensive computing power, which has underpinned the current market boom, as WSJ writes.