Moonshot AI targets a Hong Kong IPO at a $20-30 billion valuation as its Kimi K3 model outperforms US rivals, triggering sell-offs in tech stocks and

Moonshot's Kimi K3 AI model disrupts global markets, causing Alphabet's odds of being the second-largest company by market cap on July 31 to drop to 9.5% YES.

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.

The Chinese startup unveiled Kimi K3 on Friday, a model that it says delivers performance that rivals top-tier offerings from OpenAI and Anthropic PBC at a fraction of the cost.…