Making sense of the panic over Chinese AI

The latest episode of Equity discusses the reaction to Moonshot AI’s Kimi and why it appeared to unsettle Silicon Valley and Wall Street. The conversation focuses on what the model suggests about China’s progress in AI and the competitive pressure facing U.S. tech companies.

The panic reflects growing sensitivity to any sign that Chinese labs are narrowing the gap with leading U.S. AI firms. As models from China gain attention, investors may increasingly reassess assumptions about AI leadership, margins, and the durability of Big Tech’s advantage.