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Kimi K3 launched just as U.S. chip stocks started selling off, so a lot of people immediately thought: here we go again. Is this another Chinese AI model shaking Wall Street? Honestly, that was my first reaction too. The timing looked especially strange because TSMC had just reported a record quarter. Its profit jumped 77% year over year, yet its U.S.-listed shares still fell 2.3%. Other chip and storage stocks dropped even harder. Good earnings, falling stock prices. That tells me the problem is bigger than Kimi. Kimi may have been the trigger, but AI expectations were already extremely high. Over the past two years, the market kept pricing in more GPUs, more data centers and more AI spending. Now, strong growth is no longer enough. Investors want to know when all that spending will turn into real revenue and cash flow. If AI models keep getting better and cheaper, can demand for expensive computing power continue growing this fast? I do not think Nvidia GPUs suddenly became useless because Kimi launched. AI training, inference and cloud services still need huge amounts of chips. But the market is clearly becoming less patient. So I would not say the AI bubble has already burst. This looks more like investors finally questioning whether chip stocks ran too far ahead of the actual profits. Besides U.S. stocks, I have also been checking Binance Wallet to follow on-chain AI projects and market sentiment: web3.binance.com/referral?ref=G… AI is no longer just a Nasdaq story. Stocks are trading chips and data centers, while crypto is trading AI agents, data and computing projects. Looking at both sides makes it easier to tell whether the market believes in the technology or is simply chasing the AI label. A wallet is only a tool, though. Always check the project, token utility and risks before getting involved. For personal research and market commentary only. Not financial advice. DYOR.



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