24Business

Wall Street tech stocks head for billion-dollar selloff as DeepSeek unsettles investors


A small Chinese artificial intelligence lab stunned the world last week by revealing the technical recipe for its cutting-edge model, turning its reclusive leader into a national hero who has defied US attempts to curb China’s high-tech ambitions.

DeepSeek, founded by hedge fund manager Liang Wenfeng, released its R1 model last Monday, explaining in a detailed paper how to build a large language model on a limited budget that can automatically learn and improve without human supervision.

The company’s release of R1 has fueled a frenzied debate in Silicon Valley over whether better-resourced US AI firms, including Meta and Anthropic, can defend their technical advantage.

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