Open Weights, Distillation, and the Value-Layer Reckoning

Jake Saper of Emergence Capital frames the open-weight surge as the central restructuring event in enterprise AI. Kimi K3 — Moonshot's 2.8-trillion-parameter model — is the first open-weight release to match frontier closed-source performance, scoring ahead of both Fable 5 and GPT-5.6 Sol on front-end benchmarks and t…