Kelly Ng, Brandon Drenon, Tom Gerken and Marc Cieslak
A Chinese-made artificial intelligence (AI) model called DeepSeek has shot to the top of Apple Store's downloads, stunning investors and sinking some tech stocks.
Its latest version was released on 20 January, quickly impressing AI experts before it got the attention of the entire tech industry - and the world.
US President Donald Trump said it was a "wake-up call" for US companies who must focus on "competing to win".
What makes DeepSeek so special is the company's claim that it was built at a fraction of the cost of industry-leading models like OpenAI - because it uses fewer advanced chips.
That possibility caused chip-making giant Nvidia to shed almost $600bn (£482bn) of its market value on Monday - the biggest one-day loss in US history.
DeepSeek also raises questions about Washington's efforts to contain Beijing's push for tech supremacy, given that one of its key restrictions has been a ban on the export of advanced chips to China.
Beijing, however, has doubled down, with President Xi Jinping declaring AI a top priority. And start-ups like DeepSeek are crucial as China pivots from traditional manufacturing such as clothes and furniture to advanced tech - chips, electric vehicles and AI.
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