US-China AI Race and Big Tech Spending Shakeout

The competitive landscape is shifting as China's multi-firm output (DeepSeek, Kimi K3, Qwen) narrows the gap with U.S. leaders. Big Tech's $2 trillion AI spending race is reshaping winners and losers, with Amazon, Microsoft, and Alphabet monetizing infrastructure while Meta, Apple, and Tesla scramble to keep up. New: Kimi K3 open model released; DeepSeek V4 Flash 0731 shows strong local performance.