Kimi K3, which has gone viral overseas, hasn't been fully open-sourced yet, but international observers have already begun reassessing China's AI capabilities.

The debate between open-source and closed-source models has officially begun.

BlockBeats10:56

For the first time in years! Are U.S. retail investors no longer 'obsessed' with the Magnificent Seven?

① The latest indications show that the years-long 'honeymoon' between U.S. retail investors and the Magnificent Seven stocks is rapidly cooling off. ② Data from fund flow tracker Vanda Research shows that inflows from retail investors into Microsoft, Apple, Amazon, Meta, NVIDIA, Alphabet (Google's parent company), and Tesla are slowing down.

cls.cn10:52

Stress Testing of AI Infrastructure

As AI infrastructure undergoes stress tests, is the current market rally ending or merely transitioning? According to the latest analysis by Changjiang Securities, the slowdown in capex growth and the pullback in Token expenditure indices do not signal the end of the cycle, but rather a structural shift in AI investment logic—from 'technical feasibility' to 'economic feasibility.' The focus is shifting from upstream hardware beta exposure toward scarce segments and revenue realization in applications, with HBM, advanced packaging, and high-speed optical interconnects potentially regaining premium valuations first.

wallstreetcn10:21

More tokens, more chips! Kimi K3 exemplifies the 'Jevons Paradox,' where gains in efficiency lead to increased resource consumption.

Citi semiconductor analyst Peter Lee believes that Kimi K3 triggers the 'Jevons Paradox,' whereby improved technological efficiency lowers the per-unit cost of usage, ultimately leading to an increase—not a decrease—in total resource consumption, thereby sustaining demand for general-purpose memory components such as server DDR5 and eSSD. Bank of America Securities contends that stronger Chinese open-source models are unlikely to prompt U.S. AI giants to reduce their compute investments; on the contrary, a narrowing performance gap between models will raise the cost for market leaders to maintain their competitive edge.

wallstreetcn10:19

Guosheng Securities: AI Computing Power Reshapes Power Supply Architecture; 800V DC Emerges with Three Key Advantages

The current market is dominated by Taiwan-based manufacturers, while mainland Chinese firms are accelerating their catch-up efforts, focusing on the dual themes of domestic substitution and architectural upgrades.

Zhitong Finance10:10

Dow Jones Top Markets Headlines at 9 PM ET: Stock Futures Head Lower, Oil Rises After Escalation in Iran War | Can ...

Dow Jones09:00