Global stock markets lost $1.8 trillion today, The S&P 500 opened down 1%, The Nasdaq opened down 2%, The Semiconductor Index plunged 3%, pushing it into bear market territory, now down over 24% from its June peak. Global chip stocks have lost over $2 trillion in value since June 22, The reason? Moonshot AI released Kimi K3 on Thursday, a model with 2.8 trillion parameters—the largest open-source AI model in history, breaking DeepSeek's previous record of 1.6 trillion parameters. Both crashes were triggered by Chinese AI companies.