Chipmaker selloff intensifies as new Chinese AI model challenges leaders, Gary Black notes

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Olga Shendetskaya

17.07.2026

Chipmaker selloff intensifies as new Chinese AI model challenges leaders, Gary Black notes — Chipmakers fall as Chinese AI rivals emerge

Gary Black, managing partner and investor at The Future Fund, reports that U.S. stocks declined Friday amid an escalating global chipmaker selloff.

He attributes the downturn to Chinese startup Moonshot, whose Kimi K3 AI model is seen as a rival to OpenAI and Anthropic. Investors are increasingly concerned that these technological breakthroughs repeat last year’s DeepSeek surprise, raising questions about the justification for massive capital investment in AI.

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Black recently highlighted that U.S. stocks dropped as Samsung earnings failed to meet expectations, putting pressure on AI chipmakers. He also noted that investors are paying a 150x 2026 EV/EBITDA multiple for SPCX, compared to 19x for NVDA, raising valuation questions in the sector (full comparison). These observations come as market participants reevaluate risk amid rapid AI developments.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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