Kimi K3 Surpasses ChatGPT, Triggers 28% Drop in Zhipu Stock and Nasdaq Futures Fall 1.8%

According to Goldman Sachs' July 18 report, Moonshot AI launched Kimi K3 with 2.8 trillion parameters, surpassing Claude Fable 5 and GPT-5.6 Sol on Arena.ai rankings, with API pricing at $2.3 per million tokens—a record for Chinese models.

Two days after launch, Zhipu stock dropped 28% and MiniMax fell 16%, while Nasdaq 100 index futures declined over 1.8% and the Philadelphia Semiconductor Index fell over 18% from its peak. Goldman Sachs noted that Kimi K3 marks a turning point: a Chinese lab without matching Western-scale pretraining compute rapidly closed the gap with top U.S. models through architecture innovation and reinforcement learning, proving that scale expansion is no longer the only path to success.