?? Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here. ONE BIG THINGChina’s AI labs are challenging American ones—and beating them on cost In mid-July, online sleuths who obsessively track the internet for signs of new AI models started to whisper about the latest offering from Moonshot AI, the Beijing-based artificial intelligence startup behind the Kimi large language model: Something big was coming. Moonshot AI’s latest model didn’t just live up to the hype—it raised the stakes, Fortune’s Nicholas Gordon reports. On…