This is KCBS' daily Tech and Business Report. Today, KCBS Radio news anchor Holly Quan was joined by Bloomberg's Mike Shepard.

Shares of several US tech companies are down sharply today on word of a new artificial intelligence model created by a one-year-old Chinese startup. DeepSeek has created its own chatbot which performs as well as those made by rivals, like Open AI's Chat GPT – at a fraction of the cost.