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Moonshot AI’s Latest Model Dings Tech Stocks. We’ve Seen This Story Before.

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In early 2025, the release of DeepSeek’s R1 artificial-intelligence model sent tech stocks sliding. Moonshot AI, the Chinese lab backed by Alibaba Group on Thursday released its newest model, dubbed Kimi-K3. The model outperformed its most advanced peers from Anthropic and OpenAI across an array of coding tasks, according to model evaluator Arena AI.