A new Chinese artificial intelligence app sent the tech world into a spin this week when investors realised a competitor to ChatGPT had been produced at a fraction of the cost… Almost a trillion US dollars was wiped from global markets within days, and a reckoning about the huge sums of money spent on AI by US tech giants is now underway. So in this Squiz Shortcut, we’ll look at what the Chinese model - called DeepSeek R1 - does, who’s behind it, and what it could mean for the AI race between the US and China.

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Listening: This episode of Bloomberg’s Big Take podcast - produced by our former colleague Alex Tighe no less - which gives a quick overview of the disruption DeepSeek’s R1 caused and what it could mean for the sector.

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