Emergence of cheaper Chinese rival has wiped $1tn off the value of leading US tech companies
What is DeepSeek and why did US tech stocks fall?Business live – latest updates
Donald Trump has said that the launch of a chatbot by China’s DeepSeek is a “wake-up call” for US tech firms in the global race to dominate artificial intelligence.
The emergence of DeepSeek, which has built its R1 model chatbot at a fraction of the cost of competitors such as OpenAI’s ChatGPT and Google’s Gemini, wiped $1tn (£800bn) in value from the leading US tech index on Monday.