Moonshot AI unveiled Kimi K3, a 2.8 trillion parameter open-weight model it says rivals the best from OpenAI and Anthropic

Pricing: $3 per million input tokens, $15 per million output tokens — dramatically cheaper than leading US models

Nasdaq 100 fell 1.7%; the Sox dropped almost 3%, trading at its lowest level since early-to-mid May and on track for its biggest weekly decline since April 2025

Chinese President Xi Jinping made his first appearance at the Shanghai World AI Forum, pledging $295 billion toward a nationwide computing/data-center network and pitching AI access to the Global South

Bloomberg's Mike Shepard noted friction over allegations the model was built via "distillation" — training on outputs of American AI models — which China rejects

Netflix shares fell as much as 8%, the stock's biggest drop in four years

Revenue growth guidance decelerated: 16% (Q1) → 14% (Q2) → 11.7% guided (Q3)

Co-CEO Ted Sarandos emphasized AI as a tool for creators, plus advertising and live content (NFL games, more live programming) as growth engines

Ad revenue on track to double this year; margins holding up despite the growth slowdown

Analyst Helena Wang (Philip Securities, buy rating): content slate is "not as exciting" compared to last year's hits (Wednesday, Stranger Things, Squid Game), but engagement metrics are still improving and pricing power remains strong

Greylock Partners closed an 18th fund at $1.5 billion, targeting early-stage AI entrepreneurs across infrastructure, cybersecurity, and fintech

GP Saam Motamedi compared the current AI moment to "2008 or 2009" in the mobile wave — one to two years post-iPhone

Portfolio includes Base10 (AI inference), Crescendo AI (customer service), and stakes in Anthropic and OpenAI

On Kimi K3: called the release "amazing" technically but said the negative market reaction is "perhaps a little bit premature" — Kimi K3 is actually more expensive per token and less token-efficient than Kimi K2, undercutting the "cheap Chinese model" narrative

Cited OpenAI's API token processing growth from ~30 million tokens/day (2023) to 15 billion/day (March 2026), a 50x increase in under three years

79% of AI-sector bonds sold since early 2025 are now trading at a wider spread than their first day of trading

Bloomberg's Tasos Vossos: whichever metric investors use (spread, price, or total return), AI hyperscaler bonds are underperforming

Concern centers on whether debt issuance has outpaced what the market can absorb, given the "spend the load of money" dynamic among AI hyperscalers racing to build out compute

Bloomberg reporting Google is behind schedule releasing its next flagship model, Gemini 3.5 Pro

Bloomberg Intelligence analyst Mandip Singh suggested recent high-profile departures may have hurt frontier model development at Google

Raises questions about whether Google is losing ground to OpenAI and Anthropic

Apple shares rose more than 20% in a couple of weeks, benefiting from rotation out of AI capex-heavy names

Bloomberg's Ryan Vlastelica: Apple's lack of aggressive AI spending, once seen as a risk, has become "a real asset" amid growing scrutiny of hyperscaler ROI

Apple lacks the capex risk being priced into names like Microsoft; foldable iPhone and agentic Siri cited as upcoming catalysts

SpaceX's Starship rocket mission failed to launch (would have been its 13th test flight); engine failure reported at liftoff

Stock fell about 4% in after-hours trading and had already dropped below its IPO price during the session

Average return from 2026 IPOs has "evaporated to zero," per Bloomberg's Anthony Hughes, with SpaceX cited as the primary drag on IPO market momentum

Netflix: Netflix — -8% (session) — Second straight quarter of decelerating revenue guidance; content slate seen as weaker than last year

SpaceX: SpaceX — -4% (after hours) — Scrubbed Starship 13 launch; trading below IPO price a month post-IPO

Nvidia: Nvidia — Biggest points drag — Weighed down by Kimi K3-driven AI infrastructure spending concerns

Apple: Apple — Up >20% in weeks — Briefly world's most valuable company; benefiting from rotation away from AI capex names

Intel: Intel — Down significantly — Part of broader semiconductor selloff tied to Kimi K3 reaction