Kimi K3 caused shocks in the AI sector of the US stock market: approximately US$470 billion in market value evaporated, and 17 investment banks lowered their target prices
After Dark Side of the Moon released Kimi K3, the U.S. stock AI industry chain was sold off, with the sector evaporating approximately US$470 billion; 17 investment banks lowered their target prices for AI chip companies, and JPMorgan Chase/Goldman Sachs questioned the rationality of U.S. AI capital expenditures.
Kimi After the Dark Side of the Moon released K3, the U.S. AI industry chain suffered a large-scale sell-off: the market value of the sector evaporated by approximately 470 billion, 17 investment banks lowered the target prices of AI chip companies, and institutions such as JPMorgan Chase and Goldman Sachs publicly questioned the rationality of U.S. AI capital expenditures.
A fuse blew up the narrative of "pile of computing power"
The lethality of K3 does not lie in a single indicator, but in that it proves one thing: it can approach cutting-edge capabilities with an open source + low-cost approach. This directly challenges the existing investment logic of "computing power scale = upper limit of intelligence" - when the market discovers that "nearly top models can be trained with less money", the rate of return in the trillion-level computing power arms race will naturally be repriced.
The capital market begins to reprice "return"
The statements of JPMorgan Chase and Goldman Sachs essentially point the finger at one question: Can the huge investment in computing power bring about equal returns? This question goes straight to the foundation of the AI chip stock valuation system and explains why 17 investment banks collectively lowered their target prices. For the capital market, this is not an emotional callback, but a systematic correction of the "computing power demand curve".
What’s more worth pondering is the shift in narrative focus: for the first time, China’s open source model, as a “price and efficiency rule changer,” has had such a direct impact on the U.S. AI valuation system. For Kimi and the entire Chinese open source camp, this is both an endorsement and a pressure - a proof of capability and efficiency, which will be fulfilled by large-scale commercial data.
Several directions worth tracking in the future:
- K3 actual measurement and commercialization data: Capability evaluation and call volume after open source, verifying the "low-cost frontier" narrative.
- Will U.S. stock capital expenditures be substantially reduced: After the investment banks’ stance, the direction of the capital expenditure plans of cloud vendors and chip giants will be revealed.
- Response from US giants: OpenAI, Anthropic and others’ countermeasures against the "low-cost route".
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