Moonshot’s Kimi K3 May Be More About Memory Than Compute

When DeepSeek’s R1 debuted in early 2025, almost $600 billion was wiped out from Nvidia Corp.’s market value in a single day on fears that artificial intelligence would require less computing power than previously expected. Moonshot AI’s release of Kimi K3 on Friday triggered a similar reaction, helping push semiconductor stocks sharply lower.