The FT is usually very trustworthy, so I don't doubt the actual information. However, the question is whether Kimi K3 was only benchmaxxed or actually is SOTA-ish in real use. If the latter is the case, it may be difficult for the big US AI labs to explain their valuations.

I am especially curious whether training (or at least inference) was indepdent of NVIDIA's stack - the article doesn't say. If so, it could have widespread ramifications (geopolitical and in the markets).