According to CoinMeta and OneMillion.AI, on July 16th, Kimi K3 was launched, and it was announced that full weights would be enabled 11 days later. This move exacerbated the selling of U.S. chip stocks, with the Philadelphia Semiconductor Index falling by 10% in a week, retracing 20% from its high on June 22nd and entering a bear market. Kimi was not the only reason for the decline, but it amplified market concerns about competition from Chinese models and the massive capital expenditures of AI. On the same day, Hugging Face disclosed that its production system had been invaded by autonomous agent. On July 21st, OpenAI admitted that the attack originated from its own internal security tests. The White House stated at a closed-door meeting on August 4th that models with open weights would not be subject to the new AI security review framework, meaning Chinese models such as Kimi K3 and DeepSeek would not need to be submitted to the U.S. government for testing before release. NVIDIA, together with several other technology companies, issued an open letter calling on the government not to impose blanket restrictions on open models.