In July, a plunge in U.S. chip stocks spread to capital markets including South Korea and Japan, despite large deals worth nearly a trillion dollars signed by Samsung Electronics, SK Group, and U.S. companies such as NVIDIA. Investors, including Goldman Sachs and Michael Burry, had warned for months that transactions in the artificial intelligence industrial chain are of a "circular" nature, as NVIDIA provides funding and holds shares for its chip supply chain. According to Goldman Sachs research, the market value of AI-related companies has increased by about 27 trillion US dollars since November 2022. The International Monetary Fund warned the market may shrink if AI profitability fails to meet expectations. The rise of Chinese large models has impacted the AI landscape, with media including the *Wall Street Journal* mentioning that Kimi K3, from Chinese large model unicorn Moonshot AI, shook the capital market, similar to the panic caused by DeepSeek in 2025, which Elon Musk praised as "impressive." On July 22, White House Office of Science and Technology Policy Director Michael Kratsios stated Moonshot AI distilled U.S. company Anthropic's technology for Kimi K3. U.S. Treasury Secretary Bessant threatened sanctions and the "Entity List." NVIDIA CEO Jensen Huang said the U.S. should not ban such large models, noting Chinese models are excellent. On July 24, U.S. technology enterprises and institutions issued a joint statement supporting open-weight AI models. According