BEIJING, July 17, 2026 - On the eve of the 2026 World Artificial Intelligence Conference (WAIC), Moonshot AI quietly dropped a bombshell: the new generation open-source model Kimi K3 was officially released. Without pre-heating or countdown, the 2.8 trillion parameter claim and the title of the world's largest open-source model hit the global AI community.
Wall Street's reaction was direct: this is the second "DeepSeek shockwave" created by the Chinese AI industry since DeepSeek-R1 in early 2025. The complete model weights of Kimi K3 will be released before July 27. More details about architecture, training, and evaluation will be released alongside the Kimi K3 technical report.
The release of Kimi K3 triggered a "Black Friday" for Hong Kong-listed AI stocks. Zhipu dropped 28.49%, and MiniMax fell 15.63%. Other affected names included Biren Technology, Guanghe Technology, KTR, Shenghong Technology, Yangtze Optical Fibre, and SMIC.
Notably, Kimi K3 demonstrated front-tier capabilities, stably surpassing all other open-source models despite still trailing the strongest closed-source models. Moonshot AI subsequently suspended new user subscriptions due to surging user requests causing computing power shortages.
Source: Sina Finance, Caixin, Baidu
