tangent
Shares of Moonshot’s Chinese competitors Zhipu and MiniMax plunged on Friday, plummeting 28.4% and 15.6% in Hong Kong-based trading, respectively. Shares of Z.ai, which released a new model in June, similarly dropped 28.4%.
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what is moonshot ai?
Moonshot AI was founded in 2023 and is among China’s leading model developers with backing from Chinese tech giants Alibaba and Tencent. The firm raised about $2 billion in its latest funding round, valuing it at more than $20 billion, according to Bloomberg. That follows Moonshot’s prior valuation at $4.3 billion from a $500 million raise at the end of last year and a $700 million raise at a $10 billion valuation earlier this year. Moonshot reported in April that its annual recurring revenue topped $200 million, thanks to growing subscriptions for Kimi and its other AI services.
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key backgrond
Chinese AI firms have been constrained by U.S. export controls that limit access to the most advanced AI chips, including Nvidia’s H200 AI chips. The U.S. began allowing limited exports of Nvidia’s chips earlier this week, though the Commerce Department said approvals remain limited and are subject to licensing. The U.S. has alleged that some Chinese companies are smuggling banned AI chips into China from the U.S., and some firms have sought to work around the export restrictions by renting computing power overseas and buying processors through foreign subsidiaries.
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further reading
ForbesAI Model Wars: Anthropic Extends Fable Access Again After OpenAI’s Sol ReleaseBy Ty Roush