China’s New AI Model Triggers Fresh Tech Selloff

Moonshot AI released its latest multimodal model with a 1-million-token context window and advanced agentic capabilities, closing the gap with top U.S. offerings on key benchmarks. The development added to pressure on Nasdaq 100 futures, which fell as much as 2.3%, and semiconductor names already reeling from valuation debates. Z.ai, formerly Zhipu AI, also advanced with its GLM-5.2 open-weight model that rivals or exceeds certain Western frontier systems on engineering tasks while running effic