Flash | 20 Jul 2026 03:35:37 ET │ 12 pages Alibaba Group Holding (BABA.N) Thoughts on Qwen 3.8 Max Preview and Implications from Kimi K3 Release CITI'S TAKE We view the preview version of Alibaba's 2.4T-parameter Qwen 3.8 Max and the release of Moonshot AI's 2.8T-parameter Kimi K3 model underscore an accelerating AI race in China, where companies continuously leapfrog one another. We believe the rapid iteration could foster a "model-agnostic" environment, with enterprises adopting multi- model strategies to ...