Goldman Sachs: After the release of Kimi K3, Zhipu and MiniMax plummeted, signaling the end of the computing power monopoly era
According to ChainCatcher, market sources report that on July 18, Goldman Sachs stated that Moonshot AI released the Kimi K3 model with 2.8 trillion parameters. It topped the Arena.ai programming leaderboard, surpassing Claude Fable 5 and GPT-5.6 Sol. The API is priced at $2.3 per million tokens, setting a new record high for Chinese models. Two days after the release, Zhipu fell by 28%, MiniMax dropped by 16%, the Nasdaq 100 index futures fell by over 1.8%, and the Philadelphia Semiconductor Index cumulatively declined by more than 18% from its peak.
Goldman Sachs believes that Kimi K3 marks a turning point: a Chinese laboratory that cannot match the largest Western pre-training computing power has rapidly narrowed the gap with the top American models through architectural innovation and reinforcement learning, proving that "scaling" is no longer the only winning strategy. Goldman Sachs warns that the "era of computing power expansion" may be coming to an end, and the AI infrastructure investment logic centered on "the more computing power, the better" needs to be rewritten. Goldman Sachs maintains a buy rating on MiniMax and is neutral on Zhipu. Attention is now turning to the intensive launch of 2-5 trillion parameter models such as Zhipu GLM, Alibaba Qwen, and MiniMax M3 Pro.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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