In January last year, Chinese start-up DeepSeek unleashed carnage in equity markets after releasing its R1 artificial intelligence model, which boasted similar capabilities to major US rivals but at a fraction of the cost.
Just 18 months later, markets are facing an even bigger threat after another Chinese start-up called MoonShot on Friday unveiled its new Kimi K3 model that competes with the capabilities of the top-tier offerings from US AI giants Anthropic and OpenAI.
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