The unveiling of Chinese AI startup DeepSeek's latest AI model, which outperforms its US rivals, caused a sharp decline in the value of US and Europe's tech stocks.
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00:00Some of the world's biggest AI companies saw their tech stocks tank on Monday after a little-known
00:07Chinese startup named DeepSeek unveiled its latest AI model.
00:13The sell-off came after the Chinese AI reportedly outperformed America's leading models at a
00:18fraction of the cost.
00:21Analysts said such a feat would be particularly impressive given how the US government has
00:25restricted Chinese access to top AI chips.
00:29President Donald Trump called it a positive development but also expressed confidence
00:34that US companies would maintain dominance in the industry.
00:38The release of DeepSeek AI from a Chinese company should be a wake-up call for our industries
00:46that we need to be laser-focused on competing to win because we have the greatest scientists
00:51in the world.
00:52Even Chinese leadership told me that.
00:55The AI frenzy is fueling debates over the economic and geopolitical competition between
01:00the US and China in developing AI technology.
01:03At the same time, it has raised concerns about the valuation hype of the soaring tech stocks.