Last month, two Chinese companies released artificial intelligence models most people outside the industry know little about: Kimi K3 by Moonshot AI and Qwen3.8-Max by Alibaba Group Holding (which owns the South China Morning Post). The markets reacted even before publicly auditable evidence about the performance claims – detailed benchmark table, model card and licence – was made fully available. In the weeks that followed, global chip stocks shed about US$3 trillion in market value. That...