Chinese AI startup DeepSeek sent shockwaves through global tech markets, wiping nearly $1 trillion off US and European tech stocks. How? By proving that top-tier AI doesn’t have to break the bank. Its new AI model surged to the top of Apple’s App Store, leaving its Western competitors looking like overpriced relics and sparking fears that the massive spending by tech giants like Microsoft, Alphabet, and Meta might not be the only way forward.
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