Odaily星球日报讯 Kimi K3 发布后，美股半导体板块因市场担忧"DeepSeek 时刻 2.0"出现下跌，但瑞银、野村、美银证券和花旗均认为，Kimi K3 并未削弱 AI 算力需求，反而可能进一步推动 AI 基础设施扩张。
机构表示，Kimi K3 拥有 2.8 万亿参数、100 万 token 上下文窗口，并支持常开推理、原生多模态及 MoE 架构。其大规模参数和长上下文能力将增加 KV 缓存占用，并提升 HBM、服务器 DDR5、企业级固态硬盘、云基础设施及高速互联需求。
花旗称这一趋势为"又一次杰文斯悖论"，即模型效率提升和成本下降可能带来更多应用场景与 token 消耗。瑞银表示，开源模型通常因更长上下文窗口而更加依赖内存和存储；花旗认为，Kimi K3 大规模部署可能需要由 64 块以上 GPU 组成的超节点。野村则认为，全球大模型竞争将持续推动前沿实验室和云平台投入，利好 AI 基础设施产业链。
不过，美银证券提示，若模型效率提升速度持续超过工作负载增长，且实际使用量未同步扩大，AI 基础设施建设仍可能面临回落风险。
On July 21, according to SoSoValue data, the crypto market sectors broadly rebounded. The DeFi sector performed prominently, rising 2.28% in 24 hours, with Hyperliquid (HYPE) up 3.55%, DeXe (DEXE), Uniswap (UNI), and Lido DAO (LDO) rising 4.96%, 5.32%, and 11.80%, respectively. Meanwhile, Bitcoin (BTC) rose 0.80%, breaking through $65,000; Ethereum (ETH) rose 1.88%, breaking through $1,900.
In other sectors, the RWA sector rose 2.02% in 24 hours, with Maple Finance (SYRUP) up 6.13% within the sector; the PayFi sector rose 1.00%, with Telcoin (TEL) up 2.62%; the Layer1 sector rose 0.62%, with NEAR Protocol (NEAR) up 4.40%; the CeFi sector rose 0.22%, with NEXO (NEXO) up 1.85%; the Meme sector rose 0.17%, with Bonk (BONK) up 15.22%; the Layer2 sector rose 0.04%, with Arbitrum (ARB) up 2.14%.
Only the SocialFi sector declined slightly by 0.96%, with Gram (GRAM) down 0.76%, but Chiliz (CHZ) up 3.06%.
The crypto sector indices, reflecting historical sector performance, show that the ssiDeFi, ssiRWA, and ssiDePIN indices rose 2.38%, 2.14%, and 1.59%, respectively.
Odaily Planet Daily News According to MSX.COM data, the US stock AI chip sector is rising, with AMD and Intel up over 5%, Broadcom, Google, and Broadcom up nearly 3%, TSMC up 2.6%, and Nvidia up 2.3%.
In addition, US stock computing power leasing companies Nebius and CoreWeave are both up over 7% in early trading.
According to Odaily, citing MSX.COM data, the Philadelphia Semiconductor Index opened 2% higher at 11,959.04 points. Nvidia's stock rose 1.31%, TSMC's stock rose 2.61%, Broadcom's stock rose 2.07%, Micron Technology's stock rose 3.84%, AMD's stock rose 3.63%, and ASML's stock rose 2.45%.
According to data from MSX.COM, US chip and memory stocks experienced a moderate rebound. Nvidia's stock price rose 1.5%, TSMC rose 1.85%, Broadcom rose 2.25%, SK Hynix rose 4.15%, Micron Technology rose 3.99%, AMD rose 3.54%, ASML rose 2.19%, Intel rose 2.63%, Lam Research rose 2.76%, ARM rose 2.27%, and SanDisk rose 3.78%.
