Moonshot AI’s surprise release of a new artificial intelligence model has sent a jolt through markets, forcing investors to reassess some of the biggest assumptions behind the global tech rally.The Chinese startup unveiled Kimi K3 on Friday, a model that it says delivers performance that rivals top-tier offerings from OpenAI and Anthropic PBC at a fraction of the cost. As investors drew comparisons with last year’s “DeepSeek moment,” IG market analyst Tony Sycamore said $314 billion has been wiped from the company’s valuation estimates for the two unlisted US firms. The debut challenges the view that US curbs on advanced...