Moonshot AI’s release of the Kimi K3 model, featuring 2.8 trillion parameters and open-source availability on July 17, triggered a 10% weekly plunge in the PHLX Semiconductor Index (SOXX), its steepest weekly decline since April 2025. The index has now fallen more than 20% from its recent peak, entering bear market territory. Nvidia, Broadcom, AMD, Arm, Intel, and Micron all suffered during the selloff. In Asia, South Korea’s Kospi index plummeted nearly 11% on July 28, with SK Hynix dropping 14% and Samsung Electronics falling 13%. This selloff echoes the January 2025 DeepSeek event, which caused approximately $1 trillion in losses across global tech stocks.
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