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What’s up with DeepSeek? It’s just the Chinese AI lab that dropped a model that’s apparently on par with OpenAI’s top offering, but it costs 98% less to use and purportedly required a tiny fraction of the expensive training needed for GPT.

That’s a huge deal for the budding AI industry. While it could mean that AI models can be trained in much more efficient ways, the immediate impact is chaos—including fears that the billions of dollars pumped into training OpenAI and Anthropic models might’ve been wasted when a cost-efficient approach was right around the corner.

Big Tech stocks tumbled Monday, led by hardware giant Nvidia, which registered the largest single-day drop in U.S. stock market history. And indeed, crypto prices were also pummeled by a wallop of FUD—that is: fear, uncertainty, and doubt—with Bitcoin falling under $98,000 and AI tokens taking some of the hardest hits.

We’ve done a deep dive on the DeepSeek R1 model, detailed why the surprise drop is fueling so much chaos across Silicon Valley, and explored whether DeepSeek will face TikTok-like scrutiny after such a high-profile debut. Stay tuned for more.

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