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• Chinese startup Moonshot AI released Kimi K3, a powerful new model that has the tech world talking.
• Kimi K3 is the latest evidence that China is narrowing its AI gap with the US.
• Leaders from the US tech sector have been reacting to the new model online.

Chinese AI startup Moonshot AI released Kimi K3 on Thursday, a powerful new model that the startup says is the largest open-weight AI system in the world.

Moonshot says K3 still trails the most powerful proprietary models, Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 Sol, overall, but beats the labs’ second-tier systems, Claude Opus 4.8 and GPT-5.5, on benchmarks including coding and agentic tasks.

Within a day, K3 topped Arena’s frontend coding leaderboard, ahead of every leading US model, and placed third on Artificial Analysis’s Intelligence Index.

The release, timed just ahead of the 2026 World Artificial Intelligence Conference in Shanghai, is the latest sign that Chinese labs are closing the gap with leading US systems.

It also rattled AI-related markets: Moonshot, backed by Alibaba and Tencent, is valued at roughly $31.5 billion, a fraction of the trillion-dollar-plus valuations attached to Anthropic and OpenAI.

Here’s what smart people in the worlds of tech and academia are saying about it.

David Sacks, cochair of the President’s Council of Advisors on Science and Technology

David Sacks, the venture capitalist who served as President Donald Trump’s first AI and crypto czar before moving in March to cochair the President’s Council of Advisors on Science and Technology, called the release “concerning.”

In a Friday X post sharing the Arena leaderboard, Sacks said it was the first time a Chinese model had taken the top spot for frontend coding, with Kimi K3 also scoring at or near the frontier on other benchmarks.

Sacks argued the US is hobbling itself in response: blocking new data centers, layering on state regulations, and pushing for federal agencies to pre-approve frontier models. “This is how you lose the AI race,” he wrote, warning that the rest of the world won’t play by America’s rules if it bogs itself down.

“Permissionless innovation” is how America won the internet, Sacks said, adding that the US can win in AI while addressing risks in a targeted way, “or we’ll watch our lead evaporate.”

Vinod Khosla, billionaire founder of Khosla Ventures

In response to Sacks’ analysis of Kimi 3 on X, the billionaire Khosla Ventures founder, Vinod Khosla, said he agreed and highlighted what he called “an even bigger issue”

“Agree, 100% we shouldn’t be tying ourselves in knots,” he wrote on X. “Even bigger issue is the brilliant talent we are scaring away from other countries with our immigration policies for great talent.”

The Trump administration has moved to tighten immigration restrictions, including for student visas. Last year, Silicon Valley was rocked when the government introduced a $100,000 fee for employers sponsoring some new H-1B applications for foreign workers. The ruling was later struck down by a federal judge and remains in litigation.

In May, a US Citizenship and Immigration Services memo implied that people who could previously apply for a green card from inside the US may now have to leave the country while their case is being processed.

And just this week, the administration introduced a new rule that puts an expiration date on how long people on student visas can initially stay in the US.

Aaron Levie, CEO of Box

Aaron Levie said the release was a “huge win” for companies building on AI.

In an X post on Thursday, the Box CEO congratulated the Kimi team and said it was “truly wild” to see this level of performance from open models, pointing to Kimi K3’s third-place ranking on Artificial Analysis’ Intelligence Index — behind only Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 Sol.

Levie argued that cheaper frontier-level intelligence directly expands what enterprises can do with AI. There’s a large backlog of workflows companies would love to automate, he said, held back only by token costs.

Ethan Mollick, professor at the Wharton School of the University of Pennsylvania

Ethan Mollick offered “a note of caution” amid the hype.

The Wharton professor, who studies AI’s effects on work, took to X to say Kimi K3 “messed up in a bunch of ways” when he asked it to perform a complex statistical audit of some of his prior academic work, including misapplying statistical methods.

Mollick shared a detailed critique of K3’s audit — generated, notably, by OpenAI’s rival GPT-5.6 Pro model — that identified errors in the audit’s core statistical approach. Mollick said he agreed with the critique.

Jason Calacanis, investor and “All-In Podcast” cohost

Venture capitalist and “All-In Podcast” cohost Jason Calacanis said the pace of AI progress is accelerating, and made some bold predictions.

“It’s happening folks,” Calacanis wrote on X, sharing an Arena leaderboard showing Kimi K3 ranked first for frontend coding, ahead of Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 Sol.

He argued the field has moved faster in the last 30 days, across a dozen players, than in the previous year, with open-source models “compounding” while frontier labs refine.

Calacanis predicted things will “get wild” when open-source AI reaches robotics, self-driving, and life sciences, and said that 2026 will be the year of AGI, with superintelligence following in 2027 or 2028.

“ITS GONNA GET VERY STRANGE,” he wrote.

Russ Salakhutdinov, professor at Carnegie Mellon University

Russ Salakhutdinov, the CMU professor who co-advised Moonshot founder and CEO Yang Zhilin’s Ph.D., called the release “a huge win for the open-source community.”

In an X post, Salakhutdinov congratulated his former student, resurfacing a 2019 post celebrating Yang’s thesis defense.

Yang completed his Ph.D. at Carnegie Mellon in just four years, during which he contributed influential research, including Transformer-XL and XLNet, which helped shape the architecture of modern language models.

“It feels like just yesterday Zhilin was graduating from my lab at CMU,” Salakhutdinov wrote, thanking Yang and the Kimi team “for everything you’re doing for the open-source community.”

Gary Marcus, AI researcher and professor emeritus at NYU

Gary Marcus, a longtime critic of the AI industry’s economics, had a blunter reaction.

“Congress should investigate. Seriously,” Marcus wrote on X, quoting a Goldman Sachs chart showing capital expenditure for major US cloud providers projected to reach roughly $1 trillion in 2027, about eight times the projected spending of their Chinese counterparts.

Gavin Baker, chief investment officer at Atreides Management

Gavin Baker, a prominent investor and one of Wall Street’s leading voices on the AI industry, called the release of Kimi K3 an “inflection point” for AI.

He said Kimi K3 is bad news for closed AI startups like OpenAI and Anthropic, but is a net positive for just about every other company in the world.

“Anything that lowers margins and increases competition at the model layer is good for every other AI layer: power, semiconductors, hyperscalers, neoclouds and yes even software,” Baker wrote on X.

Dean Ball, OpenAI’s head of strategic futures

Dean Ball, a former Trump administration official whom OpenAI hired as its head of strategic futures, a role that puts him in charge of developing frontier AI policy proposals, said Kimi K3 was a “good model” and that he was suprised it was open source.

“I am personally surprised the Chinese state continues to allow the open sourcing of models this good, given potential risks,” he wrote on X. “To be clear, I myself might be fine with models presenting this level of marginal risk being open weight, but I am surprised that China is fine with it.”

He wanted to say that China’s open-source strategy aligns with segments of its political philosophy.

“One probable outcome of an open-weight-model-dominant world is full AI communism, which is precisely what China proposes: rather than a market product, AI is a ‘public good’ which will ultimately be provided by the state as a kind of ‘digital public infrastructure,'” he wrote.

• We set out to bring our infant daughter to 10 countries before she turned 1.
• My wife used her maternity leave to travel, and our daughter mostly slept on short flights.
• We struggled on some of our longer trips, but ultimately made it to eight countries with our baby.

When our first daughter was born last April, we spotted a rare window in our lives where we could travel extensively and get our baby a few passport stamps before she turned 1.

My wife had a year of maternity leave, and I was about to leave my full-time job to start a company that would allow me to work from anywhere (at least during the setup phase).

So, we set out with the very loose, rather ambitious goal of visiting 10 countries with our daughter before her first birthday.

As soon as we’d registered her birth and taken a semi-adequate photo of her, we applied for an infant passport. She was about 14 days old at this point.

We waited until she was a month old, and then our journey began.

Our travels got off to a great start, especially when we stuck to short flights

We started off easy by booking a single night at an inn in the English countryside just over an hour’s drive from our house. Before traveling further, we wanted to prove to ourselves that we could stay in a hotel with an infant and live to tell the tale.

With the exception of a little spit up on an expensive velvet green sofa, the stay was a success. We even managed to squeeze in a tasty al-fresco lunch while the baby slept in her pram, and a much-needed massage for my wife just before we checked out.

The next big challenge was trying to fly with a baby — something we were rather anxious about.

When she was 2 months old, we boarded a roughly two-hour flight from London to Pisa, Italy. It was surprisingly easy, as she slept pretty much the whole way. My wife fed her during takeoff and landing to help our daughter’s ears adjust to the pressure.

After realizing relatively short flights were a sweet spot, we booked a trip from London to the Isle of Man to introduce our little one to some of our friends and family. The hourlong flight was a breeze, and we stayed with my mum after we landed.

In October, we traveled to the island of Mallorca in Spain’s Balearic Islands. Again, the short flight — just under three hours — wasn’t bad.

For all of these flights, we also saved money by needing only two plane tickets instead of three, since our baby could sit on one of our laps. Packing a few essentials also really helped us make these trips smoother.

A blackout bassinet cover, for example, allowed our little one to sleep in complete darkness in her pram on the brightest of days, while a portable sound machine blocked out the background noise.

On our longest trip yet, our luck seemed to run out

After a few successful holidays around Europe, we decided to embark on a big trip to Australia, which is on the other side of the world from our home in the UK. The trip spanned five weeks and took place when our daughter was about 8 months old.

The first leg of the journey from London to Singapore — a 13-hour overnight flight — was an absolute nightmare. We’d booked business-class seats with our air miles in the hope we’d be able to get some sleep.

But when we boarded the plane, the bassinet the airline provided for our daughter was more like a car seat than a cot or crib, and we couldn’t put a blackout cover on it for safety reasons.

We instantly knew she wasn’t going to sleep well, and we were right. It was a grim flight, and we were all very ready to rush off the plane when we arrived in Singapore. Except, we couldn’t.

A huge rainstorm descended on Singapore’s famous Changi Airport just as we prepared to land, and plans changed.

We circled once or twice, and then the pilot told us he was diverting the plane to Kuala Lumpur. The weather in the area meant a bumpy ride, so the seatbelt signs were on, and our daughter was on my wife’s lap.

We sat on the tarmac at Kuala Lumpur for an hour or so, waited for the weather to pass, and then returned to Singapore.

The 13-hour flight turned out to be more like 17 hours long — and there may have been a nappy malfunction at some point, but I’ll spare you the details.

Thankfully, the rest of the trip was much smoother.

In Singapore, we went to a Jurassic Park exhibition at the iconic Cloud Forest, wandered around the famous Raffles hotel, took a river cruise, and visited the vast Aquarium on Sentosa Island.

In Australia, we visited Sydney, Brisbane, and Melbourne. We loved seeing our daughter get to know the local wildlife and play with our friends and family.

Our flight home was via Doha with Qatar Airways. We used air miles, meaning we could afford to fly business on the 14-hour leg from Melbourne to Doha.

It was much smoother than the other long flights we’ve taken. And by the time we got home, we were ready to keep traveling.

We ended her first year of life with 8 countries

We were on track to hit 11 countries by the time our daughter turned 1 until global conflicts led us to cancel one of our longer trips. So although we didn’t technically hit our target of 10 countries, we were close.

Traveling so extensively is challenging for an infant, but we’re hoping she’ll thank us for all the passport stamps one day — she’s got far more than other babies we know.

We’re keen for her to grow up meeting people from as many different ethnicities, cultures, and countries as possible. And although she won’t remember any of these trips, we certainly will.

These travels were hard at times, and some parts of them were pure chaos, but we’d do it all again. Perhaps we’ll be able to see 20 countries with her by the time she’s 2.

I expect we’ll do less long-haul travel between the ages of 1 and 3, though, since our daughter is running around a lot more. It’s hard to imagine trying to contain her for any longer than a couple of hours.

That said, we already plan to fly to St. Lucia in economy in January and to travel to Australia for a wedding in 2028. So if anyone has any tips on getting through flights with toddlers, I’m all ears.

• China’s leader, Xi Jinping, promoted open-source AI in a speech on Thursday.
• “We should seize this rare, historic opportunity to encourage open-source,” he said.
• While most leading US models are closed, Chinese models such as Kimi K3 and Z.ai’s GLM 5.2 are open.

The world’s AI superpowers differ on a key strategy: openness.

Chinese leader Xi Jinping shared his philosophy on AI at the World Artificial Intelligence Conference in Shanghai on Friday. He called for both more regulation of the tech — as well as open-sourcing it.

In a list of four observations, Xi first called for a “principle of openness.”

“We should seize this rare, historic opportunity to encourage open-source, openness, collaboration, and sharing,” Xi said.

Many of the biggest Chinese models are open-source, including DeepSeek, the company that surprised Silicon Valley last year. More recent buzzy competitors — like Kimi K3 and Z.ai’s GLM 5.2 — are also open source.

Meanwhile, American labs mostly operate private, closed-source models. Meta open-sourced its general Llama models, but not its proprietary Muse Spark model. Though “open” is in its name, OpenAI’s models are, in fact, closed.

Anthropic’s models are also closed-source. CEO Dario Amodei said in 2023 that open-source models were going down a “dangerous path,” because the companies cannot moderate usage or revoke access.

Xi, however, had a different take. “China is ready to be more open, take more practical actions, and assume a more visionary perspective,” he said in his speech.

His second observation called for global regulation of AI, ranging from “technological monitoring” to “early response systems.” He also took a quick dig at the US for its AI protectionism.

“We should jointly oppose overstretching the national security concept in the feud of AI or placing one country’s security over that of others,” Xi said.

Indeed, US leaders have long been cautious of China’s advancements. President Donald Trump delayed one of his executive orders because he believed the order could diminish US companies’ lead over China in the AI race.

China hasn’t always been so happy to share. The Chinese government, for example, ordered Meta to unwind its acquisition of Manus, a Chinese AI agent startup that had relocated to Singapore.

Xi also said we should use AI to “increase understanding, tolerance, exchanges, and sharing.”

Earlier in his speech, Xi posed a series of big questions that needed answers. One question: How do we “realize AI for all when the divide keeps widening?”

He seemed to answer that in his fourth observation — that the world should “advocate solidarity and improve global governance.”

“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides,” Xi said.

He vowed to provide 5,000 AI training and seminar opportunities to countries with less advanced AI technology.

• As a bridal makeup artist, I focus on hydration and luminosity for a perfect wedding-day look.
• Products like sheet masks and Laneige’s Glowy Makeup serum plump and hydrate the skin.
• I rely on a long-wearing Nars foundation and Charlotte Tilbury products for great bridal makeup.

In nearly a decade of working as a makeup artist, I’ve helped many clients look fantastic on their wedding day.

Doing bridal makeup comes with several challenges, since the final look needs to look amazing in photos and last for a long time — through tears, kisses, and sweat.

For me, a great face of makeup starts with thorough skincare prep and involves lots of hydrating, long-wearing products.

Here are a few products I swear by for a fantastic wedding-day look.

Sheet masks are an important part of skin prep.

Right off the bat, I spend a lot of time (and money) on skin prep because a bride’s base can make or break her makeup.

So, I start by applying a sheet mask to my client to help them relax while getting their face ready for more products.

Sheet masks are great because I can tailor them to each person’s needs. I’ve found that the right sheet mask can add hydration and brightness, plus help reduce the appearance of uneven skin tones and blemishes within minutes.

Fresh’s Deep Hydration oil-infused serum is perfect for plumping up the skin.

Keeping with the theme of pampering, I also like to give my brides a mini face massage to help them relax and to increase circulation.

I usually add Fresh’s Deep Hydration oil-infused serum to my hands, apply it to the bride’s face, and watch it glide on the skin like a dream.

This serum gives the skin an intense boost of hydration and a dewy, plump look — the key to the “glow-from-within” look all brides love.

Mehron Skin Prep Pro ensures that makeup doesn’t budge.

Ever wonder how brides are able to have their makeup done in the morning and still look flawless at the after-party?

The Mehron Skin Prep Pro might be the best-kept secret among pro makeup artists. It can keep brides looking fresh after several hours.

This can help makeup last under stressful situations — including hours of taking pictures and gracing the dance floor — by creating a moisture barrier between the skin and the makeup.

Bobbi Brown’s vitamin-enriched face base serves as an incredibly smooth canvas.

This two-for-one priming moisturizer is a rich cream that leaves the skin visibly glowing and prepped for a smooth, flawless makeup application.

I also love that the Bobbi Brown vitamin-enriched face base is great for both oily and dry skin types.

Laneige’s Glowy Makeup serum creates a radiant finish.

This product name is pretty self-explanatory, and who doesn’t want glowy makeup? I intentionally use a lot of glowy products like these early on when doing a client’s bridal makeup.

I’ve found Laneige Glowy Makeup serum gives skin a radiant finish and helps makeup last longer.

Patrick Ta Major Glow body oil is great for a sun-kissed décolleté.

This Patrick Ta Major Glow body oil is my secret weapon to create healthy-looking, glowy body skin. It comes in several different shades, and I think it smells incredible.

I spray this all over my bride’s décolleté and arms to moisturize the skin and get a sun-kissed glow without any greasiness.

Nars’ Natural Radiant Longwear foundation is the best I’ve ever used.

This Nars product is my favorite foundation to use on brides, which is why I have practically every shade in my kit. I love how extensive and inclusive the shade range is.

Nars’ Natural Radiant Longwear foundation is a buildable, full-coverage formula that’s great for all skin types.

It leaves a radiant finish and promises up to 16 hours of fade-resistant wear. I’ve seen firsthand how well it can last on a bride all night long.

Anastasia Beverly Hills has cream blushes that melt into the skin like a dream.

Anastasia Beverly Hills’ cream blushes have a buildable formula, give the face a natural, radiant finish, and blend seamlessly into the skin.

These creamy blushes are easy to apply and help me create the perfect rosy flush on all skin tones.

Velour lashes are my go-to for brides who want a natural look and optimal comfort.

Velour’s falsies are perfect for all brides, whether they prefer a natural “mascara-like” look or want lashes with serious drama.

These lashes are vegan, come in a range of different styles, and have nearly invisible bands to help them look unbelievably natural.

Charlotte Tilbury Flawless Finish makes an under-eye area look airbrushed.

We can’t talk about luxury products without mentioning Charlotte Tilbury’s Flawless Finish powder.

I love applying this ultra-fine finishing product with a powder puff to create an airbrushed under-eye because it doesn’t cake or sit in fine lines.

I also keep this powder on hand for oily T-zone touch-ups to blur imperfections and reduce shine throughout the day.

Charlotte Tilbury Airbrush Flawless setting spray is my final step for a fantastic makeup look.

This is another essential product from Charlotte Tilbury — and it really is my favorite setting spray to use on all my clients.

It’s very lightweight and promises to set makeup for up to 16 hours without it fading, melting off, or settling into fine lines … everything a bride needs on the big day!

I’ve found it’s hydrating and really effective at all those things, so I usually do several sprays of this as my final step when working on a client.

This story was originally published on June 18, 2022, and most recently updated on July 16, 2026.

• In search of a new dinner recipe, I tried making Ina Garten’s baked shrimp scampi.
• The ingredient list was on the longer side, but the process was much easier than I expected.
• The dish was delicious, and I especially loved the sauce — but next time, I’ll add less salt.

Easy dishes aren’t usually known for complex flavors, but leave it to the Barefoot Contessa to defy that with her simple baked shrimp scampi recipe.

Ina Garten’s take on this classic, summery seafood dish looks beautiful, has layers of flavors, and comes together in a few quick steps.

Admittedly, the recipe does require quite a long list of ingredients, but I was surprised at how uncomplicated it was, especially after I finished prepping the shrimp.

Most of the ingredients are just minced and mashed together, and then the whole thing is baked in an oven. No sautéeing required!

First, I gathered the ingredients.

This recipe’s ingredient list can be divided into two categories: items needed for the shrimp prep, and ingredients for the flavorful butter-panko sauce.

For the former, I chose frozen, deveined shrimp. Beyond that, I just needed to grab a few pantry staples: Kosher salt, black pepper, olive oil, and dry white wine. (I picked a pinot grigio.)

The butter-panko mixture is really the star of this dish, and has a lengthier ingredient list. For this part of the recipe, I needed unsalted butter, garlic, shallots, parsley, rosemary, lemon zest, crushed red pepper flakes, lemon juice, Kosher salt, black pepper, an extra-large egg yolk, and panko (flaky breadcrumbs).

I prepped my shrimp by peeling, butterflying, and marinating them.

The first step was peeling the shrimp, carefully ensuring their tails stayed on.

Next, I butterflied them — that is, I used my knife to cut a little deeper into the shrimp and pull the two halves gently apart.

Once the shrimp were ready, I put them in a simple marinade of pinot grigio, olive oil, salt, and black pepper. Then, I left them to marinate at room temperature while I moved on to prep the butter-panko mixture.

Next, it was time to make the buttery sauce.

I minced garlic, a shallot, parsley, and rosemary, and added them to a bowl with unsalted butter.

After that, I tossed in some more ingredients: crushed red pepper, lemon juice and zest, an egg yolk, panko, salt, and black pepper. I mashed all of these together until the mixture looked colorful and crumbly.

I arranged the butterflied shrimp in an oval baking dish.

Garten’s recipe calls for a 14-inch gratin dish.

I grabbed a baking dish around this size and arranged the shrimp in ovals, with each piece placed butterflied side down and the tails pointed toward the center of the dish.

Then, I poured the remaining marinade over the layer of shrimp.

I topped the shrimp with the butter and panko sauce, then baked the whole thing.

Using my hands, I broke up the butter-panko mixture into dollop-sized pieces and placed them on top of the shrimp until I had a nice, even layer. Following the featured photo in Garten’s recipe, I made sure not to cover up the tails.

Finally, I put the whole thing in the oven at 425 degrees Fahrenheit for 12 minutes. Once it was finished baking, I gave the dish a final squeeze of lemon juice.

The result was a surprisingly easy, flavorful dish that I’d definitely make again.

The shrimp was a bit on the salty side for me, so I’ll try a few tweaks next time. Namely, I’ll include a touch less salt in the marinade and a bit more crushed red pepper instead.

I’d also love to try using a different dry white wine, just to see how it impacts the flavor.

The buttery panko topping, on the other hand, was my favorite part of the dish. I’m a sucker for a meal with a delicious sauce that you can easily sop up with bread, and this baked shrimp scampi definitely did the trick.

I was also surprised by the sauce’s robust blend of flavors. I knew the recipe would heavily feature butter, garlic, and lemon, so I expected that I’d mostly taste just those flavors — which would’ve been fine with me, as someone who always enjoys a garlicky, lemony dish.

However, I loved that I could taste all the other ingredients, too, from the rosemary to the red pepper flakes.

It made for an exceptionally flavorful dish: My meal was delightfully zesty, savory, and herbaceous, all at once. I’ll definitely be baking this one again this summer.

This story was originally published on November 26, 2025, and most recently updated on July 16, 2026.

• Former Intel CEO Pat Gelsinger called out his predecessors for their role in the chipmaker’s decline.
• Gelsinger questioned why Intel was led by executives without a strong technical background.
• Intel’s standing has rebounded over the last year after the US took a roughly 10% stake in the company.

Former Intel CEO Pat Gelsinger says he has a hunch when the chipmaker’s downfall began.

“I think one of the fundamental things is, and as you look at the great technology companies today, they’re deeply technical,” Gelsinger told “All-In Podcast” cohost Jason Calacanis during an interview taped at the Raise Summit in Paris.

Gelsinger said when he returned to Intel in 2021, he “was the first technical leader in essentially 15 years associated with it.” The former Intel chief said his predecessors had the wrong background.

“When you’re making these hardcore technical decisions that affect billions of dollars, you don’t do that through a spreadsheet,” Gelsinger said. “That’s a lousy investment unless the technology trends make it the right investment.”

Paul Otellini, who led Intel from 2005 to 2013, was the first non-engineer to lead the company, coming from the business side. Brian Krzanich, who has a degree in chemistry, replaced Otellini after working his way up from his start at a chip factory in New Mexico, and later spent decades working on manufacturing issues. Bob Swan, the final executive before Gelsinger took over, had spent decades in top financial positions, including as CFO of eBay and HP Enterprise Services.

Gelsinger also took issue with the amount of money Intel spent on dividends and shareholder buybacks before he took over. According to Intel’s financial filings, the company sent back roughly $79 billion to shareholders through stock buybacks and dividends from 2015 through 2020.

“What I wouldn’t have done for another hundred billion dollars on the balance sheet?” he said.

Once a dominant player, Intel declined amid the rise of companies like TSMC and Samsung. As Reuters recounted, Intel’s leaders made fateful decisions that led to the company ceding ground to once smaller competitors like ARM and Advanced Micro Devices (AMD).

Intel’s standing has improved drastically over the last year, following President Donald Trump‘s controversial decision for the US government to take a roughly 10% stake in the company. Nvidia, another of Intel’s competitors that has surpassed the chipmaker, also bought over roughly $5 billion worth of Intel shares in a deal announced last September, giving the world’s largest company by market cap a roughly 4% stake in Intel.

Shares of Intel are now up more than 330% over the past year, thanks to both announcements. Intel has taken a dive over the last month, though, as traders weigh concerns about the company and the broader AI buildout.

Trump’s move to take a stake in Intel continued a broader bipartisan push for the US to onshore more domestic advanced chip production amid concerns that TSMC’s base in Taiwan is too vulnerable to Beijing’s potential actions.

Gelsinger warned of the potential risks if China were to ever completely cut off energy to the island, which it still considers part of its territory.

“When you turn off a fab, it doesn’t come back on for 90 days,” he said. “The economic impact of a brownout of Taiwan is greater than the Great Depression in the world.”