Summarize what happened in the capital markets last night

1⃣ Google Gemini delayed
2⃣ KIMI released a new model, with performance closing in on fable 5
3⃣ The U.S. continued bombing Iran, and Trump is getting tougher this time

Kimi is similar to the previous GLM—everyone is starting to worry that compute capacity might be oversupplied. Why is it that Google, OpenAI, and Anthropic have at least 10 times the compute of domestic model companies, but in terms of model intelligence they are only leading by 3–6 months? It has a bit of a Deepseek 2.0 vibe.
But this kind of thing—when the market rebounds, people call it the “Gevins paradox.”
When the market drops, bearish news floods in. But it’s still better to have bad news dragging things down than to have no bad news for days and still fall.