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Report Says Moonshot Uses 20,000 Nvidia Chips Through Alibaba Computing Deal

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Chinese AI startup Moonshot reportedly has access to around 20,000 Nvidia AI chips through a computing agreement with Alibaba, according to a Bloomberg report citing sources familiar with the matter.

The report says the Hopper-generation GPUs provide a significant portion of the computing power used to train Moonshot’s Kimi AI models, including the recently launched Kimi K3. It also claims Moonshot is seeking access to newer Blackwell chips through Southeast Asia.

Alibaba denied the report, stating that claims it supplied H200 chips to Moonshot are “completely groundless.”

The news comes as Moonshot faces increased scrutiny from U.S. officials over allegations that its latest AI model may have been developed using unauthorized distillation of Anthropic’s technology. Moonshot has rejected those allegations.

CXMT Becomes China’s Most Valuable Listed Company After Record Shanghai IPO Debut

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Chinese memory chip manufacturer CXMT Corp. delivered one of the most remarkable stock market debuts in recent history, with its shares surging 466% on the first day of trading in Shanghai. The rally transformed the company into China’s most valuable publicly listed business, highlighting investor optimism surrounding artificial intelligence and advanced semiconductor technologies.

The stock closed at 49 yuan, far above its IPO price of 8.66 yuan, after reaching an intraday peak of 55.03 yuan. The dramatic rise lifted the company’s market capitalization to approximately 3.3 trillion yuan ($488 billion), surpassing long-time market leader Industrial and Commercial Bank of China.

The listing follows Asia’s largest initial public offering of the year, reinforcing the growing importance of China’s domestic semiconductor industry as the country accelerates efforts to achieve greater technological self-sufficiency amid ongoing geopolitical tensions and export restrictions.

Formerly known as ChangXin Memory Technologies, CXMT has become one of China’s flagship semiconductor companies, specializing in memory chips that are increasingly critical for artificial intelligence, cloud computing, and high-performance data centers.

The company’s strong market debut reflects investors’ growing confidence in the global memory chip supercycle driven by AI infrastructure spending. As technology companies invest hundreds of billions of dollars in data centers and advanced AI systems, demand for high-performance memory has risen sharply alongside demand for graphics processors and networking hardware.

Trading activity was equally remarkable, with more than 141 billion yuan worth of shares changing hands during the company’s first trading session, making CXMT the first mainland Chinese A-share company to exceed 100 billion yuan in daily trading volume.

Industry analysts note that the company’s IPO was initially priced at a substantial discount compared with international semiconductor peers, helping fuel exceptionally strong investor demand. However, some market observers believe the first-day rally pushed the valuation well beyond fundamental expectations.

The valuation now places CXMT at nearly half the market value of U.S. memory manufacturer Micron Technology, despite ongoing challenges posed by U.S. export controls that limit Chinese companies’ access to certain advanced semiconductor manufacturing technologies.

Only a relatively small portion of CXMT’s shares became freely tradable following the listing, a factor that likely contributed to the sharp price movements by limiting available supply while demand remained exceptionally high.

Operationally, the company is experiencing rapid business growth. CXMT expects first-half revenue to increase more than sevenfold, while forecasting a return to profitability after reporting losses during the previous year. The company attributes much of this improvement to sustained AI-driven demand for memory chips.

Market research firms also anticipate continued strength in the memory sector through at least 2027, citing tight supply conditions and growing efforts by technology companies to diversify their memory suppliers. These trends could provide additional long-term opportunities for CXMT as it expands production and competes more aggressively in the global semiconductor market.

At the same time, analysts caution that the memory industry remains highly cyclical. Future performance will depend on the pace of AI infrastructure investment, overall semiconductor supply, and the evolving competitive landscape within the global memory market.

Moonshot Unveils Kimi K3, China’s Largest Open AI Model

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Chinese artificial intelligence startup Moonshot AI has introduced Kimi K3, a 2.8 trillion-parameter open-weight language model that the company says is the world’s largest publicly available AI model, marking another significant milestone in China’s rapidly advancing AI industry.

The release highlights the accelerating pace of AI development in China, where startups are increasingly challenging the technological leadership of U.S. companies by delivering powerful models at significantly lower operating costs.

Kimi K3 is designed for advanced reasoning, complex software development, and knowledge-intensive tasks. One of its most notable capabilities is its 1 million-token context window, allowing the model to process and retain substantially more information in a single conversation than previous generations, making it better suited for long documents, multi-step analysis, and large coding projects.

Unlike proprietary AI systems, Kimi K3 is released as an open-weight model, enabling researchers, enterprises, and developers to download, customize, and deploy the model within their own environments. This approach has become an increasingly important competitive advantage for Chinese AI companies seeking rapid adoption across businesses and research institutions.

According to Moonshot, Kimi K3 delivers performance approaching the latest frontier models developed by leading U.S. AI companies, particularly in coding optimization and complex reasoning tasks. Independent benchmark organizations have also reported strong results, placing the model among the highest-performing AI systems currently available for web development and advanced problem-solving.

The launch immediately affected China’s AI sector, with shares of competing AI developers declining after investors viewed Kimi K3 as a significant leap forward in domestic AI capabilities.

The announcement also reflects a broader trend in the global AI race. Chinese companies such as Moonshot, Z.ai, MiniMax, DeepSeek, and Meituan are shortening development cycles and rapidly releasing increasingly capable models. This has challenged the long-standing assumption that Chinese AI technology significantly trails leading U.S. developers.

Despite its impressive scale, Kimi K3 also illustrates one of the practical limitations of frontier AI systems. Running a model with 2.8 trillion parameters requires extremely powerful computing infrastructure, making local deployment prohibitively expensive for most organizations and individual users. As a result, cloud-based deployment is expected to remain the primary method of accessing models of this size.

Backed by major technology companies including Alibaba and Tencent, Moonshot continues to expand aggressively. Reports indicate the company is seeking approximately $2 billion in new funding at a valuation of around $30 billion, potentially paving the way for a future public listing in Hong Kong.

With increasingly capable open AI models emerging from China, competition in the global artificial intelligence market is shifting from simply building larger models to delivering better performance, lower costs, and wider accessibility.