Marco Taboga Releases Paper Comparing Market Reactions to Two Chinese Large Language Models
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Marco Taboga has released an academic paper comparing the financial market reactions following the release of two cutting-edge Chinese AI large language models: DeepSeek R1, released in January 2025, and Kimi K3, released in July 2026. The paper notes that DeepSeek R1, with its open weights and extremely low training and inference costs, triggered significant declines in the stock prices of semiconductor and data center-related companies. Kimi K3 was released at near-frontier pricing, with market reactions primarily concentrated on other domestic AI laboratories.
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- arXiv q-finFinancial Market Reactions to the Release of DeepSeek R1 and Kimi K3: A Critical Analysis
This paper compares financial market reactions following the release of two frontier Chinese large AI models: DeepSeek R1 in January 2025 and Kimi K3 in July 2026. DeepSeek R1, with open weights and extremely low training and inference costs, triggered sharp declines in share prices of semiconductor and data-center related firms. Kimi K3 was released at near-frontier pricing, and market reactions were concentrated mainly on other domestic AI laboratories.
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