The launch of Moonshot AI’s Kimi K3 has revived an intense debate that has raged in Silicon Valley ever since DeepSeek’s shock breakthrough last year: whether China can overcome its limited access to advanced chips to match the performance of the United States’ frontier artificial intelligence models. Trillions of US dollars might rest on the answer, as some see Chinese developers’ success in increasing performance through architectural innovation as weakening the rationale for America’s vast...