Kimi reaches 330 billion, unveiling Yang Zhilin and his trillion-dollar model

At 9 PM on July 16th, less than 24 hours before the opening of the World Artificial Intelligence Conference (WAIC), Kimi suddenly "dropped" the announcement of Kimi K3, stealing the spotlight.

The most revolutionary feature of Kimi K3 is its 2.8 trillion parameter scale. As the world's first trillion-scale open-source large model, K3 supports a context window of 1 million tokens and has outperformed GPT-5.6 and Fable 5 in multiple mainstream evaluations. Many frontline AI practitioners have commented that in full-modal, long-context, and complex task scenarios, Kimi K3 leads the domestic market by a significant margin.

The pricing strategy accompanying it has also sparked heated discussions. Kimi K3 charges 20 yuan per million tokens for uncached input and 100 yuan per million tokens for output, ranking as the most expensive domestic model - 20 times more expensive than DeepSeek V4 Pro; it is 30% of the price of the overseas model Fable 5 and 60% of GPT-5.6 Sol.

In its research report, Goldman Sachs characterized it as "a new milestone for the Chinese model towards pricing power."
"Impressive." Musk gave K3 a thumbs-up on X. Then, while warming up for Grok 4.5, he exclaimed, "Hopefully, it will surpass Kimi." In response, Huang Zhenxin, head of the joint business of Dark Side of the Moon, confidently told media outlets including "Chinese Entrepreneur" on July 21, "We'll just wait and see. I hope they can give us a run for our money."
The impact of K3 has violently stirred the capital market. On July 17th, the stock prices of four tech giants, NVIDIA, Google, Meta, and Intel, declined. US media reported that it was not caused by a single factor, but K3 was undoubtedly a key catalyst.

In terms of Hong Kong stocks, on the second day after the release of K3, Zhipu saw a single-day decline of 28.49%, while MiniMax fell by 15.62%. Huachuang Securities pointed out in its research report that although the Hong Kong stock index was sluggish on that day, the release of K3 was still a significant reason for the adjustment of Zhipu and MiniMax stock prices.