Moonshot AI's Kimi K3 model rattled global markets, sending rival AI stocks down as much as 27% while raising questions about AI sector valuations.

Moonshot's Kimi K3 beat Claude Fable 5 and GPT 5.6 in some benchmarks... and it's an open model.

Kimi K3's early performance is fueling alarm in Silicon Valley and Washington.

Chinese start-up Moonshot AI’s new Kimi K3 boasts a performance close to OpenAI and Anthropic’s latest models.