Moonshot AI released Kimi K3, an open source model that the company says "demonstrated frontier-level performance" despite trailing Claude Fable 5 and GPT 5.6 Sol. Independent analyses from Arena.ai and Vals AI found Kimi competitive with flagship frontier models. The announcement, coinciding with a speech from Xi Jinping, contributed to a Nasdaq drop as investors sold Nvidia shares. David Sacks and others reignited debates over distillation and open source AI policy.
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