Kimi's Warning Bell: China's AI Valuation Logic Is Reshaping Global Capital Balance

I'll give the core judgment directly: The panic triggered by Moonshot AI's Kimi model isn't essentially about a technological gap, but rather a misjudgment by US capital circles regarding Chinese AI teams' execution capability and commercialization paths. The market's heated debate over "open source vs. closed source" is just surface-level; the real signal is that Chinese AI companies have found a differentiated competitive route characterized by low cost and high iteration, and this route is challenging the valuation models established by US VCs over the past five years.