A Chinese firm called DeepSeek managed to upend global markets at the start of the week, to drag down chipmaker Nvidia — and to surge to No. 1 in the iPhone app store, all in basically no time at all.

Today, in this bonus episode, we talk through the news behind the freakout. How is a new A.I. model from one Chinese A.I. company making such a big splash? And what does it mean for the U.S. artificial intelligence industry?

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