%22%20fill%3D%22rgb(0%2C0%2C0)%22%20d%3D%22M%201708.71%2032.0719%20L%201711.17%2032.1726%20L%201711.48%2033.8726%20C%201698.63%2068.7557%201678.15%20111.062%201663.25%20146.038%20L%201610.27%20270.222%20C%201600.68%20293.044%201548.56%20422.248%201540.04%20431.57%20C%201533.67%20438.547%201128.18%20599.98%201082.51%20618.503%20L%20896.13%20695.087%20C%20861.529%20708.971%20827.042%20723.139%20792.674%20737.591%20C%20773.372%20745.745%20749.086%20754.449%20732.134%20766.537%20C%20692.666%20794.684%20697.752%20841.911%20698.601%20884.356%20C%20699.702%20939.367%20740.841%20953.958%20782.454%20976.677%20L%20861.67%201020.18%20L%201099.89%201152.37%20C%201107.22%201156.5%201119.88%201164.35%201127.14%201167.58%20C%201169.86%201186.61%201146.74%201195.41%201117.9%201208.29%20C%201100.37%201216.11%201079.03%201225.42%201060.64%201233.58%20C%201010.18%201256.26%20959.538%201278.54%20908.726%201300.43%20C%20894.529%201306.71%20881.754%201312.22%20867.258%201317.69%20C%20862.804%201316.04%20858.4%201314.27%20854.051%201312.36%20C%20836.181%201304.32%20811.094%201289.47%20793.048%201279.86%20L%20667.457%201213.33%20L%20559.157%201156.4%20C%20524.558%201137.94%20487.124%201123.47%20472.687%201083.79%20C%20469.558%201074.97%20467.621%201065.77%20466.927%201056.43%20C%20465.765%201038.59%20466.66%201011.98%20466.668%20993.332%20L%20466.359%20873.615%20C%20465.984%20815.652%20463.947%20757.728%20465.485%20699.747%20C%20465.795%20688.052%20466.054%20675.662%20467.175%20664.054%20C%20469.31%20640.858%20475.406%20618.2%20485.2%20597.064%20C%20517.254%20527.676%20568.707%20508.151%20633.929%20480.324%20L%20726.507%20441.167%20L%201040.13%20310.018%20L%201452.31%20137.782%20L%201616.93%2069.4204%20C%201646.93%2057.0612%201678.5%2043.152%201708.71%2032.0719%20z%22%2F%3E%0D%0A%3Cpath%20transform%3D%22translate(0%2C0)%22%20fill%3D%22rgb(0%2C0%2C0)%22%20d%3D%22M%201180.36%20731.182%20C%201195.24%20733.945%201233.7%20756.876%201248.98%20765.026%20L%201364.16%20826.126%20L%201484.37%20889.381%20C%201498.57%20896.955%201532.42%20914.303%201544.52%20923.261%20C%201557.39%20932.823%201567.44%20945.681%201573.6%20960.477%20C%201577.74%20970.613%201580.28%20981.333%201581.12%20992.25%20C%201582.2%201006.88%201581.3%201032.21%201581.31%201047.95%20L%201581.63%201160.97%20C%201582.26%201211.62%201582.57%201262.29%201582.57%201312.95%20C%201582.44%201333.48%201582.84%201362.18%201581%201382.38%20C%201579.14%201403.66%201573.97%201424.53%201565.69%201444.23%20C%201551.08%201479.78%201525.53%201509.75%201492.74%201529.79%20C%201460.17%201549.9%201412.55%201568.06%201376.2%201583.68%20C%201297.89%201617.01%201219.4%201649.9%201140.72%201682.34%20L%20334.313%202018.15%20C%20339.936%202006.05%20344.516%201995.06%20349.5%201982.67%20C%20380.898%201908.42%20413.985%201834.57%20445.11%201760.02%20C%20459.052%201725.94%20473.375%201692.02%20488.076%201658.26%20C%20492.996%201647.05%20502.305%201624.37%20508.527%201614.93%20C%20525.371%201606.59%20557.563%201594.41%20575.732%201586.98%20L%20705.864%201534%20C%20845.58%201478.27%20984.961%201421.71%201124%201364.32%20L%201246.78%201313.94%20C%201290.4%201295.55%201343.27%201280.12%201348.5%201224.17%20C%201350.49%201202.85%201351.54%201164.6%201346.69%201143.96%20C%201344.6%201134.87%201340.77%201126.27%201335.41%201118.63%20C%201321.45%201099.1%201289.07%201084.29%201267.79%201072.67%20L%201188.51%201029.14%20L%20997.495%20923.267%20L%20933.233%20887.54%20C%20924.86%20882.894%20890.238%20867.795%20898.045%20858.391%20C%20907.874%20846.549%20953.243%20829.416%20967.235%20823.263%20L%201064.01%20780.291%20C%201087.5%20769.837%201111.05%20759.524%201134.65%20749.351%20C%201147.99%20743.555%201166.91%20734.741%201180.36%20731.182%20z%22%2F%3E%0D%0A%3C%2Fsvg%3E)
%22%20fill%3D%22rgb(255%2C255%2C255)%22%20d%3D%22M%201708.71%2032.0719%20L%201711.17%2032.1726%20L%201711.48%2033.8726%20C%201698.63%2068.7557%201678.15%20111.062%201663.25%20146.038%20L%201610.27%20270.222%20C%201600.68%20293.044%201548.56%20422.248%201540.04%20431.57%20C%201533.67%20438.547%201128.18%20599.98%201082.51%20618.503%20L%20896.13%20695.087%20C%20861.529%20708.971%20827.042%20723.139%20792.674%20737.591%20C%20773.372%20745.745%20749.086%20754.449%20732.134%20766.537%20C%20692.666%20794.684%20697.752%20841.911%20698.601%20884.356%20C%20699.702%20939.367%20740.841%20953.958%20782.454%20976.677%20L%20861.67%201020.18%20L%201099.89%201152.37%20C%201107.22%201156.5%201119.88%201164.35%201127.14%201167.58%20C%201169.86%201186.61%201146.74%201195.41%201117.9%201208.29%20C%201100.37%201216.11%201079.03%201225.42%201060.64%201233.58%20C%201010.18%201256.26%20959.538%201278.54%20908.726%201300.43%20C%20894.529%201306.71%20881.754%201312.22%20867.258%201317.69%20C%20862.804%201316.04%20858.4%201314.27%20854.051%201312.36%20C%20836.181%201304.32%20811.094%201289.47%20793.048%201279.86%20L%20667.457%201213.33%20L%20559.157%201156.4%20C%20524.558%201137.94%20487.124%201123.47%20472.687%201083.79%20C%20469.558%201074.97%20467.621%201065.77%20466.927%201056.43%20C%20465.765%201038.59%20466.66%201011.98%20466.668%20993.332%20L%20466.359%20873.615%20C%20465.984%20815.652%20463.947%20757.728%20465.485%20699.747%20C%20465.795%20688.052%20466.054%20675.662%20467.175%20664.054%20C%20469.31%20640.858%20475.406%20618.2%20485.2%20597.064%20C%20517.254%20527.676%20568.707%20508.151%20633.929%20480.324%20L%20726.507%20441.167%20L%201040.13%20310.018%20L%201452.31%20137.782%20L%201616.93%2069.4204%20C%201646.93%2057.0612%201678.5%2043.152%201708.71%2032.0719%20z%22%2F%3E%0D%0A%3Cpath%20transform%3D%22translate(0%2C0)%22%20fill%3D%22rgb(255%2C255%2C255)%22%20d%3D%22M%201180.36%20731.182%20C%201195.24%20733.945%201233.7%20756.876%201248.98%20765.026%20L%201364.16%20826.126%20L%201484.37%20889.381%20C%201498.57%20896.955%201532.42%20914.303%201544.52%20923.261%20C%201557.39%20932.823%201567.44%20945.681%201573.6%20960.477%20C%201577.74%20970.613%201580.28%20981.333%201581.12%20992.25%20C%201582.2%201006.88%201581.3%201032.21%201581.31%201047.95%20L%201581.63%201160.97%20C%201582.26%201211.62%201582.57%201262.29%201582.57%201312.95%20C%201582.44%201333.48%201582.84%201362.18%201581%201382.38%20C%201579.14%201403.66%201573.97%201424.53%201565.69%201444.23%20C%201551.08%201479.78%201525.53%201509.75%201492.74%201529.79%20C%201460.17%201549.9%201412.55%201568.06%201376.2%201583.68%20C%201297.89%201617.01%201219.4%201649.9%201140.72%201682.34%20L%20334.313%202018.15%20C%20339.936%202006.05%20344.516%201995.06%20349.5%201982.67%20C%20380.898%201908.42%20413.985%201834.57%20445.11%201760.02%20C%20459.052%201725.94%20473.375%201692.02%20488.076%201658.26%20C%20492.996%201647.05%20502.305%201624.37%20508.527%201614.93%20C%20525.371%201606.59%20557.563%201594.41%20575.732%201586.98%20L%20705.864%201534%20C%20845.58%201478.27%20984.961%201421.71%201124%201364.32%20L%201246.78%201313.94%20C%201290.4%201295.55%201343.27%201280.12%201348.5%201224.17%20C%201350.49%201202.85%201351.54%201164.6%201346.69%201143.96%20C%201344.6%201134.87%201340.77%201126.27%201335.41%201118.63%20C%201321.45%201099.1%201289.07%201084.29%201267.79%201072.67%20L%201188.51%201029.14%20L%20997.495%20923.267%20L%20933.233%20887.54%20C%20924.86%20882.894%20890.238%20867.795%20898.045%20858.391%20C%20907.874%20846.549%20953.243%20829.416%20967.235%20823.263%20L%201064.01%20780.291%20C%201087.5%20769.837%201111.05%20759.524%201134.65%20749.351%20C%201147.99%20743.555%201166.91%20734.741%201180.36%20731.182%20z%22%2F%3E%0D%0A%3C%2Fsvg%3E)
Tech
Kimi K3 wiped $3.3 trillion off chipmaker valuations
A Chinese AI model from Moonshot turned out to be good enough and half the price of its American rivals, erasing $3.3 trillion from the market in two days. We look at what Moonshot actually shipped, why this is already the second shock like DeepSeek, and why the company is heading to the stock market right now.
Flavi7/20/20264 min
