Kimi K3 & the Convergence Shock | Why This Isn't the DeepSeek Trade

Reading K3 through the stack — convergence attacks the margin, not the compute layer The K3 trade is a different instrument: short the model layer margin, long the layers that capture displaced spend — compute and power at the base, distribution and application at the top. Position for where the dollar re-pools, not for where the press release points.

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