In this episode of The Week in Markets, Jen-Ai Chua, Equities Research Analyst at Julius Baer, highlights how Chinese AI start up DeepSeek has upended traditional assumptions underpinning growth in the AI sector. This spells opportunities and risks for players in different parts of the supply chain. 
In other developments, the Fed’s decision to hold rates at its January Open Market Committee Meeting hints at possible inflation pressures, while President Trump’s imposition of tariffs on Canada, Mexico and China are classic shock and awe tactics that herald the start of a period of political noise and uncertainty.