The release of Moonshot AI's Kimi K3 model has raised alarms on Wall Street, reminiscent of the "DeepSeek shock" that disrupted markets in early 2025. The Wall Street Journal reports that the AI chip sector is experiencing selling pressure as investors fear a repeat of past turbulence. Morgan Stanley warns that the emergence of low-cost, high-performance AI models like Kimi K3 could challenge leading U.S. developers such as OpenAI and Anthropic, potentially reducing demand for large-scale compute infrastructure that has fueled the AI investment boom.