A year ago, most investors outside China hadn't heard of Moonshot AI. This week, the Beijing startup wiped billions off chipmakers' market caps and dragged bitcoin below $63,000 with a single model release.

Moonshot released Kimi K3 on July 16, a 2.8-trillion-parameter open-weight model built on a sparse mixture-of-experts design that activates just 16 of its 896 experts per task.

On a closely watched coding leaderboard, it topped offerings from Anthropic and OpenAI, though it still........

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