Moonshot's Kimi K3 Repeats DeepSeek's Global Chip Stock Shock
Nasdaq futures sank 1.7% overnight as the selloff spread from Taiwan's chipmakers to Tokyo's benchmark index.
- Nvidia fell 2.8% premarket, pulling the Philadelphia Semiconductor Index to an eight-week low.
- TSMC dropped 7% even after beating earnings estimates and raising its 2026 guidance.
- The rout followed Google's delay of Gemini 3.5 Pro and Kimi K3's debut.
Why it matters: Investors who priced Nvidia and TSMC for a permanent U.S. lead keep discovering it isn't permanent.
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