The cheapest AI is the death of chip manufacturers. That was the logic Wall Street bought into on Friday—and it’s exactly the opposite. Chinese company Moonshot launched the Kimi K3, a model on par with the best from the U.S. at a fraction of the cost, and consensus shifted within hours: it’s cheap, so they’ll buy fewer chips. Yet just 48 hours later, Moonshot paused new subscriptions. Why? GPUs hit their limits. The model meant to kill GPUs exhausted them in two days. Meanwhile, the semiconductor index entered a bear market—20% below its peak. TSMC dropped 7% on the same day it reported a 77% higher profit, with price diverging from fundamentals right in front of it. NVIDIA lost its title as the most valuable company on the planet…👇