Chinese AI chatbot DeepSeek shakes up the market, prompting a response from OpenAI CEO Sam Altman. Wall Street plummets as investors fear a loss in the AI race to China.
OpenAI CEO Sam Altman has responded to the emergence of DeepSeek, a Chinese AI chatbot that has shaken the tech world. While acknowledging DeepSeek's 'impressive' capabilities, Altman emphasized OpenAI's belief in the crucial role of computational power in achieving success in the AI field. DeepSeek's debut last week, with its significantly lower cost compared to OpenAI's models, triggered a wave of panic on Wall Street , wiping out trillions of dollars from technology stocks.
Investors fear that the West might be losing ground in the AI race to China.DeepSeek-R1, launched last week, is priced 20 to 50 times cheaper than OpenAI's o1 model, depending on the task, according to the company's WeChat account. This affordability has raised concerns about the value of investments made by US tech giants in AI, leading to a decline in share prices of companies like Nvidia. Former President Donald Trump has called DeepSeek a 'wake-up call' for Silicon Valley, urging US tech companies to focus on competing aggressively.DeepSeek's impact on the market has been significant, with the S&P 500 dropping 1.5 percent and the Nasdaq tumbling over 3 percent on Monday. Nvidia, a major beneficiary of the AI boom, experienced a record-breaking single-day loss of $593 billion, wiping out almost half its market value. However, there are signs of recovery as some tech stocks rebounded on Tuesday. Investors are now closely watching company earnings reports this week, hoping for a clearer picture of the AI landscape and its impact on the market
AI Deepseek Openai Chatgpt Wall Street Tech Stocks Sam Altman China Competition
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