China's Kimi K3 tops coding benchmark, dragging crypto and chip stocks lower

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Chinese AI startup Moonshot's Kimi K3 model has claimed the top position in a frontend coding benchmark, outperforming rivals Claude and OpenAI's GPT. The model is available for free, raising competitive pressure on established Western AI players. The development rattled semiconductor stocks, which declined in response to the news. Bitcoin and the broader crypto market fell alongside chip stocks, reflecting investor concern over shifting AI dominance.

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