U.S. stocks extend selloff as semiconductors slump and Moonshot AI debuts Kimi-K3

Price ActionProduct / Tech

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Summary · why it matters

Wall Street's major averages slid on Friday as global technology stocks declined, led by semiconductors and the debut of Moonshot AI's Kimi-K3. The benchmark S&P 500 was last down 0.5%, the Nasdaq Composite fell 1.1%, and the Dow was flat. The semiconductor sector slumped, with top decliners including Synopsys, Advanced Micro Devices, Intel, and ON Semiconductor. Chinese AI startup Moonshot debuted Kimi-K3, a 2.8 trillion-parameter system that claims to be the world's largest open-weight AI model. On the economic front, export prices unexpectedly fell in June while import prices rose, and industrial production rose less than expected.

Advanced Micro Devices Inc ▼

Intel Corporation ▼

Synopsys Inc ▼

ON Semiconductor Corporation ▼

Impact on stocks 4

Semiconductors▼ · 3 stocks

Intel Corporation

▼ NegativeCompetitionrelevance

Moonshot AI's Kimi-K3 debut adds competitive pressure on Intel in the AI chip market.

▼ NegativeCompetitionrelevance

Moonshot AI's Kimi-K3, a large open-weight model, threatens Synopsys' EDA tools for AI chip design.

ON Semiconductor Corporation

▼ NegativeDemandrelevance

Semiconductor sector slump and broader tech selloff indicate weak demand for ON Semi's chips.

Artificial Intelligence▼ · 1 stocks

Advanced Micro Devices Inc

▼ NegativeCompetitionrelevance

Moonshot AI's Kimi-K3, a large open-weight AI model, intensifies competition for AMD in AI chips.