A surge in popularity of Chinese artificial intelligence (AI) app DeepSeek has sparked a selloff of shares in major tech companies after it overtook rivals such as ChatGPT to become the top-rated free app on Apple's App Store.
Nvidia, Microsoft and Meta were set to open down on Monday and the development knocked European share prices.
The app has grown in popularity since its launch, challenging the widely held belief that the US is the unassailable leader in AI and prompting questions about the scale of investments US firms are planning.
It is powered by the open-source DeepSeek-V3 model, which its researchers claim was developed for less than $6m - significantly less than the billions spent by rivals.
Just a thought.
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