US President Donald Trump has described the rapid rise of Chinese AI company DeepSeek as a “wake-up call” for the American tech industry, following the release of its groundbreaking AI model, DeepSeek-R1.
The emergence of DeepSeek’s technology has sent shockwaves through Wall Street, with shares of major US tech firms, including Nvidia, taking a sharp hit. The chip giant saw its market value drop by nearly $600 billion (£482 billion).