Kimi K3 was released on Thursday the 16th in Shanghai; by Friday's close the two companies that dominate electronic design automation had surrendered fifteen billion dollars of market value, and by this Friday's close the damage had spread far past its origin: the Rubin Build layer finished the week down 9.3%, the semiconductor index went through its June line on an expiry tape, and memory — which has nothing to do with a design demo — collapsed hardest of all. As Part I put it: the market did not price a 48-hour chip, it priced the curve that a 48-hour chip implies. Panic prices curves. Only guidance prices reality.
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