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。

Odaily news, July 21. According to SoSoValue data, the crypto market sectors saw a broad rebound. The DeFi sector performed notably, rising 2.28% in 24 hours. Within this sector, Hyperliquid (HYPE) increased by 3.55%, while DeXe (DEXE), Uniswap (UNI), and Lido DAO (LDO) rose by 4.96%, 5.32%, and 11.80%, respectively. At the same time, Bitcoin (BTC) rose 0.80%, breaking through $65,000, and Ethereum (ETH) increased 1.88%, surpassing $1,900.

Looking at other sectors, the RWA sector rose 2.02% in 24 hours. Within this sector, Maple Finance (SYRUP) increased by 6.13%. The PayFi sector rose 1.00%, with Telcoin (TEL) gaining 2.62%. The Layer1 sector increased by 0.62%, led by NEAR Protocol (NEAR) which rose 4.40%. The CeFi sector edged up 0.22%, with NEXO (NEXO) gaining 1.85%. The Meme sector saw a modest increase of 0.17%, with Bonk (BONK) surging 15.22%. The Layer2 sector ticked up 0.04%, with Arbitrum (ARB) rising 2.14%.

Only the SocialFi sector experienced a slight decline of 0.96%. In this sector, Gram (GRAM) dropped by 0.76%, but Chiliz (CHZ) managed to rise 3.06%.

The crypto sector indices, reflecting historical sector performance, showed increases: the ssiDeFi, ssiRWA, and ssiDePIN indices rose by 2.38%, 2.14%, and 1.59%, respectively.

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%.

Additionally, US stock computing power leasing companies Nebius and CoreWeave are also rising in early trading, both up over 7%.

Odaily星球日报讯 根據 MSX.COM 數據，費城半導體指數開盤漲 2%，報 11959.04 點。英偉達股價上漲 1.31%，台積電股價上漲 2.61%，博通股價上漲 2.07%，美光科技股價上漲 3.84%，超威半導體股價上漲 3.63%，阿斯麥股價上漲 2.45%。

According to data from MSX.COM, the US stock chip and storage sectors experienced a moderate rebound. Nvidia's stock price rose 1.5%, TSMC's stock price rose 1.85%, Broadcom's stock price rose 2.25%, SK Hynix's stock price rose 4.15%, Micron Technology's stock price rose 3.99%, AMD's stock price rose 3.54%, ASML's stock price rose 2.19%, Intel's stock price rose 2.63%, Lam Research's stock price rose 2.76%, ARM's stock price rose 2.27%, and SanDisk's stock price rose 3.78%.