EquitiesMoonshot AI's Kimi K3 highlights rapid advances by developers in ChinaInvestors worried that Chinese developers are narrowing the technology gap with U.S. peers while offering AI services at substantially lower prices. © ReutersHIROFUMI TAKEUCHIJuly 18, 2026 01:29 JSTNEW YORK -- U.S. technology stocks fell sharply on Friday after a Chinese startup unveiled a low-cost artificial intelligence model that could rival leading U.S. systems, reviving concerns about America's dominance in the AI race.