China's Open-Source AI Model Just Wiped Out Weeks of Chip Stock Gains

Moonshot's release of open-weight model Kimi K3 triggered a sharp selloff in chip stocks across Japan, Korea, and Taiwan despite TSMC and ASML beating earnings and raising guidance the same week. The article argues the panic reflects crowded positioning around American AI supremacy rather than genuine technological surprise, since Chinese labs have been closing the gap for two years at lower cost.

This Wire brief sits within Fusion42's coverage of AI Frontier Models and Semiconductors.