China just erased America's AI lead

America's commanding lead in advanced AI is gone. A Chinese moonshot — literally and figuratively — has caught up to models that defined the U.S. frontier just weeks ago, at a substantially lower price. Why it matters: Kimi K3, a massive new model by Beijing-based Moonshot AI, threatens the foundations of America's AI boom. Its release Thursday dazzled developers, jolted Silicon Valley and reset the AI race overnight. Driving the news: Kimi immediately vaulted into the top tier of global AI,…