Wall Street Algorithms Missed That Chinese Teams Could Cut Compute Costs by 90%

At 2 PM on Monday, my Bloomberg terminal popped up a push notification: Moonshot AI's parent company released a new model, with training costs reportedly just one-tenth that of GPT-4. Three minutes later, NVDA started tanking, and pre-market losses blew right through my stop-loss line. The newbie next to me was still asking, 'Which hedge fund is this Kimi?'