Despite mega cap US firms allocating billions of dollars in capital expenditure spending for AI GPUs, Chinese multinational technology firm Tencent's chief strategy officer James Mitchell believes that DeepSeek's AI breakthroughs demonstrate that such spending might not be needed. DeepSeek's claims of having developed its AI models similar in capabilities to some American counterparts but at a fraction of a cost appear to have permanently altered the stock market. Their biggest victim was NVIDIA's stock, which has yet to recover nearly $600 billion in losses during January's selloff. NVIDIA's GTC conference earlier this week failed to impress investors either, and […]
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