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Roula Khalaf, the editor of FT, selects his favorite story in this week's newsletter.
It is difficult to talk about the history of the 21st century without discussing the “shock of China”. It is a commonly used term to explain the entrance to the Chinese market in China, which brought abundant and inexpensive products to rich countries, but has the entire industry and labor.
Deepseek may provide a sequel. A well -known Chinese hedge fund is a large -scale language model that matches the opening of the market leader, Sam Altman, and has thrown a hand REN bullet in the world of artificial intelligence. 。 Openai treats model working as a unique one, but Deepseek's R1 wears a technical internal organs outside, so it is attractive to use it by developers.
Things move faster in the AI era. It looks terrible. The 5 largest technology stocks for AI -chip manufacturers NVIDIA and so -called hyper -colored alphabets, Amazon, Microsoft, Meta Platforms, summarize almost 750 billion market value before the US market opens on Monday. I throw it away. It may be particularly tough for NVIDIA if Deepseek has proven that it is true that he won without using the most glossy chips.
Tip maker ASML and other Europeans and high -tech investors, including energy companies who wanted investors to support the fuel supply of data centers, are wondering if investment will be smoke. According to ALPHA's estimation, Hyper -Color is planning to plow about $ 300 million this year in capital spending this year. Analysts expect META and Microsoft to report a total of $ 94 million in 2024 on Wednesday.

In fact, the game is not over. The actual possibilities of DeepSeek are still unknown, and we have not yet achieved “artificial general information”, which is like a human being pursued by Meta and Openai. However, the rules may have changed. At least, DeepSeek may take some of the US giants. In the worst case, I challenged the core belief that it was a better AI key. The principle is that Silicon Valley companies support the market value of Silicon Valley companies to invest.
The bad thing for hyper -color can still be the wind for everyone else. Having an absolute model for most business users is not more important than having a highly reliable and sufficient model. Not all drivers need Ferrari. Progress of inference such as R1 can be a major step for “agents” that handle customers and run tasks at work. If they can be used cheaply, the profitability of the company should increase.
In that sense, this second Chinese shock may resemble the first shock. Not only destruction, but painful for many people, it can be rebuilt. Researchers estimate that all of the shocks lost in China have increased the purchase power of US households by more than $ 400,000. Competition for AI hegemony is suspended. A big prize has begun.
john.foley@ft.com