Nasdaq Falls 1.5% After Kimi K3 Debut, Pressuring $4.86 Trillion Nvidia
Updated
Updated · CNN · Jul 17
Nasdaq Falls 1.5% After Kimi K3 Debut, Pressuring $4.86 Trillion Nvidia
3 articles · Updated · CNN · Jul 17
Summary
Moonshot’s Kimi K3 launch knocked US stocks lower Friday, with the Nasdaq down 1.5%, the S&P 500 off 0.7% and the Dow slipping 60 points.
Kimi K3 — which Moonshot says is the world’s largest open-source model and near top US systems — revived fears that cheaper Chinese AI rivals could undercut subscription revenue and AI infrastructure spending.
Chip stocks led the retreat: a semiconductor index fell more than 2% and is down over 20% from its late-June peak, while Micron has dropped about 30% from its recent high.
Nvidia fell nearly 2%, briefly cutting its market value to $4.86 trillion and ceding the world’s most valuable company spot back to Apple; Alphabet slid another 2% after Thursday’s 4% drop.
Oil above $85 a barrel added pressure by reviving inflation worries, even as investors rotated out of tech into financials and the S&P 500 remained only about 2% below its record.