A.M. Update

S&P futures are down -0.9% and Nasdaq-100 down -1.85%. It seems DeepSeek 2.0 is here. A surprise breakthrough from Chinese AI startup Moonshot, whose new Kimi K3 model is rivaling OpenAI and Anthropic’s frontier models, triggered fresh fears over AI capex sustainability and intensified U.S.-China competition in the space. This latest “DeepSeek moment” reignited concerns…