Good morning.
Two Chinese labs forced an AI rethink over the weekend. Apparently Moonshot’s open-weight Kimi K3 tops Anthropic’s Fable 5 on some developer coding tests, and Alibaba’s new Qwen3.8 Max ranked itself second only to Fable 5.
That torched Wall Street chipmakers into a bear market, and Bloomberg says Moonshot is already sounding out a Hong Kong float inside six months at north of USD30 billion.
| ▼ | ASX 200 | 8,797 | -0.50% |
| ▲ | ASX futures | 8,814 | +0.62% |
| ▼ | S&P 500 | 7,458 | -1.01% |
| ▼ | NASDAQ | 25,520 | -1.40% |
| ▼ | AUD/USD | 0.70 | -0.43% |
| ▼ | Bitcoin | 64,470 | -0.30% |
ASX 200 as at market close. Bitcoin in USD.
Market movers
Shares in gold producer Regis Resources fell Friday after its 2027 fiscal year production guidance came in below analyst expectations. The drop compounded a broader rout across gold stocks, as bullion slid below USD4,000 an ounce on fears that renewed US-Iran fighting could force the US Fed to raise rates to contain inflation.
Moon rising