hinese startup DeepSeek, which has sparked panic on Wall Street with its powerful new chatbot developed at a fraction of the cost of its competitors, was founded by a hedgefund whizz-kid who believes AI can change the world.
Based out of the eastern Chinese city of Hangzhou — sometimes known as “China’s Silicon Valley” — DeepSeek has come seemingly out of nowhere to release a cutting-edge product.
But in China it was already making waves, last year dubbed the “Pinduoduo of AI” — a reference to a popular online shopping app that steamrolled big players like Alibaba with its low prices.
DeepSeek has won plaudits for its cost-effectiveness and praise in China for its seeming ability to navigate US sanctions that have aimed to prevent access to the high-tech chips needed to power the AI revolution.
