US tech stocks plummet after Chinese AI app Deepseek’s debut

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US technology stocks have plunged after Chinese developers launched a chatbot which challenged America’s supremacy in AI development. In a move that stunned Silicon Valley, Deepseek’s R1 model, whose functions rival those of Open AI’s premium o1 model, has been offered completely for free. The chatbot was trained without access to Nvidia’s top-of-the-line chips and only for a fraction of the cost to develop its Western equivalents.

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