Risk/reward seems attractive again.
Lots of cheap stocks with durable competitive advantages that are going to crush numbers for the next 6-12 quarters.
Time will tell!
We tested Kimi K3 and Fable on a real bug from the Cline repo, and found that while both models were able to fix it - Fable wins on speed & Kimi wins on cost.
- Kimi used 1.7x more tokens than Fable (1.2M vs. 730K)
- Fable finished 3.4x faster - 3.5 min and 18 tool calls vs. Kimi’s 12 min and 34 tool calls.
- Kimi cost 2.3x less ($0.92 vs. $2.13) thanks to its 3.3x per-token discount
Both runs used the same Cline harness, and the traces indicate that Kimi is RL trained to spend more tokens thinking and verifying before completing.
This is the first time we've seen an open weight model compete head to head with SOTA. Congratulations to the @Kimi_Moonshot team on this milestone!
Every industry/ecosystem has its supreme village idiot. @deanwball is that for AI. Congress passed a law in 2026 that restricted some uses of DeepSeek/High Flyer with waivers permitted. Only those models. It went through the democratic process not some Deep State scheme like he would prefer. Dean Ball has perhaps the biggest gap between actual IQ and his own perceived IQ of anyone in the industry (about 40 points).