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More tokens, more chips! Kimi K3 demonstrates the "Jevons Paradox": increased efficiency instead leads to greater resource consumption.

More tokens, more chips! Kimi K3 demonstrates the "Jevons Paradox": increased efficiency instead leads to greater resource consumption.

Kimi K3 brings AI investors back to a core question: Does cheaper, more efficient models mean lower demand for chips and memory? Citi and Bank of America Securities both lean toward “no.” Efficiency improvements may unlock more usage, driving up total resource consumption. According to Chasewind Trading Desk, Moonshot AI&

Market acts as a proxy for "rate hikes"; Walsh goes all out to "fight inflation"

Market acts as a proxy for "rate hikes"; Walsh goes all out to "fight inflation"

``` The sharp rise in US Treasury yields has, to some extent, replaced the actual effect of rate hikes, while Federal Reserve Chair Walsh's hawkish stance has provided a clear anchor for this market pricing. A rare tacit understanding is emerging between the bond market and the Fed. The

Index "breaks below" the annual moving average—what does this mean for A-shares? The key factors are duration and the extent of the pullback.

Index "breaks below" the annual moving average—what does this mean for A-shares? The key factors are duration and the extent of the pullback.

``` Last week, the Shanghai Composite Index once again "fell below" the annual line, raising concerns about the market turning bearish—but history tells us that this event itself is not rare; the real question is how deep and how long the decline will be. Last week, the Shanghai

Ali’s new flagship model Qwen3.8 preview: 24 trillion parameters, rivaling Fable 5 and Kimi 3

Ali’s new flagship model Qwen3.8 preview: 24 trillion parameters, rivaling Fable 5 and Kimi 3

Alibaba has officially joined the global parameter arms race for top-tier large models, bringing the "fire of battle" into its own investment territory. On July 19, Alibaba released the flagship large model Qwen3.8 Max Preview, with a parameter scale as high as 2.4 trillion. Officially, it

Kimi: Due to a shortage of computing power, subscriptions for new users on the C-end will be suspended from today, and all existing computing power will be allocated to serving already subscribed users.

Kimi: Due to a shortage of computing power, subscriptions for new users on the C-end will be suspended from today, and all existing computing power will be allocated to serving already subscribed users.

``` Products under Moonshot AI's portfolio, Kimi, have announced the suspension of subscription services for new C-end users, concentrating all existing computing power to ensure the experience of subscribed users. This decision reflects the explosive growth in demand following the release of the new model, and puts the supply-demand

SK Chairman: Next year, demand for AI chips will increase by 100%, and memory prices will rise further.

SK Chairman: Next year, demand for AI chips will increase by 100%, and memory prices will rise further.

SK Hynix Chairman Chey Tae-won warns that the AI-driven semiconductor supply and demand gap will further widen next year, with continued upward pressure on memory prices. The global competition for supply has escalated to a "panic" level. On July 20, according to Korea's "Maeil Business

Firmly optimistic about China’s capital market, two major central enterprises—China Reform and China Chengtong—announced continued increases in their holdings; the last time was in April last year.

Firmly optimistic about China’s capital market, two major central enterprises—China Reform and China Chengtong—announced continued increases in their holdings; the last time was in April last year.

The two major state-owned capital operation platforms have once again acted in sync after about 15 months, announcing an increase in their holdings of Chinese stock assets. On the evening of July 19, China Reform Holdings and China Chengtong successively issued announcements, both expressing their "firm optimism about the