Chinese app DeepSeek hammers US tech stocks with cheaper open-source AI model

Chinese AI startup DeepSeek is gaining attention in Silicon Valley as the company appears to be nearly matching the capability of chatbots like OpenAI's ChatGPT, but at a fraction of the development cost. DeepSeek has surged in popularity in global app stores since the app was released earlier this month, having been downloaded1.6 million times by Jan. 25 in the U.S. and ranking No. 1 in iPhone app stores in Australia, Canada, China, Singapore, the U.S. and the U.K. Unlike ChatGPT and other major AI competitors, DeepSeek is open-source, allowing...