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The real DeepSeek revelation: The market doesn’t understand AI
Investor skepticism doesn’t take into account the insatiable demand for AI or the current bottlenecks in its development, which will require billions to overcome.
More than two weeks before the recent market meltdown, OpenAI’s head of global policy Chris Lehane told me he thought the success of DeepSeek was the AI industry’s “Sputnik moment.” It was a dramatic way of describing a group of Chinese researchers who were able to build impressive open-source AI models, despite a lot of headwinds like US export controls on powerful chips. This hyperbole festered over the weekend, spreading on X and Reddit and a host of other social media platforms until it hit the stock market like a bomb on Monday, sending any public company making big bets on AI tumbling.
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