Zhipu AI shares plunge 22% as Moonshot AI unveils powerful Kimi K3 model, shaking up China's AI race
Zhipu AI shares tumbled 22% in Hong Kong trading after Chinese AI startup Moonshot AI released Kimi K3, a 2.8 trillion-parameter model described as the world's largest open-weight AI model. The launch intensifies competition in China's AI sector, where companies like Alibaba, Baidu, and DeepSeek are racing to dominate the market with increasingly capable foundation models.