Woofun AI reports that the launch of the Kimi K3 model, featuring 28 trillion parameters, has outperformed Claude Fable 5 and GPT-5.6 Sol on the Arena.ai programming leaderboard with an API cost of $2.3 per million tokens. Following this release, Zhiyu stock declined by 28% and MiniMax fell by 16%, while the Philadelphia Semiconductor Index dropped over 18% from its peak. The Nasdaq 100 index futures fell by more than 1.8%. Goldman Sachs maintains a buy rating on MiniMax and a neutral rating on Zhiyu, noting that architectural innovation may reduce reliance on massive pre-training compute.