Chinese startup Moonshot AI is actively preparing for an initial public offering on the Hong Kong Stock Exchange. The company has already distributed the relevant resolution to the shareholders for their official approval. It is expected that the listing may take place within the next six months. At the same time, the startup is completing a new round of financing, which is able to value the business at more than $ 30 billion. For comparison, in May, the company raised funds at a valuation of $20 billion under the leadership of Meituan. Such rapid growth is due to impressive financial performance. Moonshot's annual regular revenue reached $300 million in June, a significant increase from April's $200 million.

The foundation of this success was the new Kimi K3 model, which surpassed many competitors in key parameters. High demand forced the company to temporarily suspend accepting new subscriptions, as daily sales have increased sixfold since launch. The success of open models has also stimulated the development of competitors. Alibaba has announced that its Qwen3.8 system with 2.4 trillion parameters will become fully open. The preliminary version of Qwen3.8-Max is already available to developers and is second only to the flagship models of Anthropic and OpenAI. Providing open weights allows any user to run the model for free, which limits the pricing power of American vendors charging for each token.

These technological breakthroughs have had a direct impact on global financial markets. On Friday, news about the dominance of new models triggered a sell-off in shares of semiconductor manufacturers and a subsequent drop in cryptocurrencies. Throughout the month, bitcoin has been trading as a reliable indicator of the investment cycle in the field of artificial intelligence. Cryptocurrency miners are actively transforming into owners of data centers, whose rent directly depends on computing demand. Investors are waiting for new data this week, when Alphabet, Tesla and Intel report earnings. These reports will show whether capital expenditures on AI continue to grow and whether miners who rely on this infrastructure maintain their positions.