DeepSeek Outpaces ChatGPT, Global Markets React Sharply
On January 27, DeepSeek, a low-cost Chinese AI platform, surpassed ChatGPT on Apple’s App Store downloads, triggering a market sell-off. The rise in popularity questioned the need for significant spending to roll out AI products.
US tech giants Nvidia (NVDA) and Broadcom Inc. (AVGO) tumbled 16.97% and 17.40%, respectively. The crypto markets also succumbed to the news, with bitcoin (BTC) falling to a session low of $97,768 before rebounding.
US President Trump’s initial response to the market reaction was subdued, reportedly saying,
“The release…
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