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title: What to Know About DeepSeek, the Chinese AI Company Causing Stock Market Chaos | TIME
description: A new Chinese AI model, created by the Hangzhou-based startup DeepSeek, has stunned the American AI industry by outperforming some of OpenAI’s leading models, displacing ChatGPT at the top of the iOS app store, and usurping Meta as the leading purveyor of so-called open source AI tools.  
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* Tech

# What to Know About DeepSeek, the Chinese AI Company Causing Stock Market Chaos

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## Video: What to Know About DeepSeek, the Chinese AI Company Causing Stock Market Chaos

[Watch (HLS stream): What to Know About DeepSeek, the Chinese AI Company Causing Stock Market Chaos](https://cdn.jwplayer.com/manifests/OoxVqXfs.m3u8) (2:11)

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_Published 2025-01-27. A new Chinese AI model, created by the Hangzhou-based startup DeepSeek, has stunned the American AI industry by outperforming some of OpenAI’s leading models, displacing ChatGPT at the top of the iOS app store, and usurping Meta as the leading purveyor of so-called open source AI tools._


---

Jan 27, 2025 11:20 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Who Really Owns Open AI Models?](/video/lxPjrRio/)

### Who Really Owns Open AI Models?

[Elon Musk Leads Group Seeking to Buy OpenAI. Sam Altman Says It's ‘Not For Sale'](/video/GZExQNUC/)

### Elon Musk Leads Group Seeking to Buy OpenAI. Sam Altman Says It's ‘Not For Sale'

[Accenture CEO Praises ‘Stargate,’ OpenAI’s New Venture While in Davos](/video/poLsreKc/)

### Accenture CEO Praises ‘Stargate,’ OpenAI’s New Venture While in Davos

---


## Transcript

AI is becoming cheaper. It is becoming better. The progress is continuing to increase. Models are continuing to get better. Even. Even though a while ago people thought that that might it might stop in 2024, but it has accelerated. And so I think we're we're in a place where there's, um, a larger and larger range of tools for people to choose from. But Deep Sea seemingly definitely is now in the game, and people will use it, but not for everything. It was clear that they were one of the leading, um, shops in China, but it's a very small outfit that basically achieved some remarkable AI capabilities.

And that's also another thing that's remarkable about about it is that they did so with a very, very much less resources than some of the big tech firms. And so that's why it's it's caused a bit of an upset because people thought, um, that it wouldn't really be possible to build such a good AI unless you're big tech. And so it has changed people's perception on the industry a little bit. The fact that the market hasn't really been prepared for this news or these latest developments, I think is reflected by this, this big sell off in the the Nasdaq, the US tech focused index. We've seen the volatility gauge on Wall Street.

The fear and the fear index is also known reach its highest level since mid-December. So you know we're seeing these big reactions. But I think this is a knee jerk reaction. It's just a reflection of the surprise that we're seeing in the market as they sort of as investors and struggle to or rush should I say, to, to price in this latest development, it's just really sort of almost pulled the carpet out if you like, under, under this I trade, which has been rallying across 2024 and really has had quite an easy ride so far. This is the first time that it feels that there has really been sort of a disruption to the potential outlook for AI, or particularly those firms such as Nvidia, who's really benefited from the run up so far.

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