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Big quote: Jensen Huang just spent a week watching his company's valuation get hit by the threat of a Chinese open-weight model. His response was to go on the record defending it. Speaking to Axios in Fort Worth, Texas, at the opening of a new phase of the Wistron plant that builds Nvidia's AI infrastructure, the Nvidia CEO said American companies should "absolutely" be free to run Chinese models. "These Chinese models are excellent," he said. "Open-source models that are excellent should be used." Asked whether China could displace American labs, he was blunt: "Zero possibility."
The timing is what makes it interesting. Moonshot AI released Kimi K3 on July 16. Independent evaluators put it third on Artificial Analysis' Intelligence Index, only behind Anthropic's Claude Fable 5 and OpenAI's GPT-5.6 Sol, and first on LMArena's blind Frontend Code Arena board.
The market took it about as well as it took DeepSeek. The Philadelphia Semiconductor Index fell 12.5% in a week, its worst stretch in 15 months. Taiwan's benchmark dropped more than 6%, Japan closed down 4%, and Chinese AI stocks actually got hit harder than American ones, with Zhipu down as much as 30% in Hong Kong and MiniMax off 16%.
