Shares in major US technology firms have taken a hit following the rapid rise of DeepSeek, a low-cost chatbot developed by a Chinese AI firm. Launched just last week, the DeepSeek app has quickly become the most downloaded free app in the US, surpassing competitors like OpenAI’s ChatGPT. This shift has led to declines in stock prices for key players in the tech industry, including Nvidia, Microsoft, and Meta.

For insights and commentary on this significant shift in the tech landscape, our senior fellow for technology, Jennifer Huddleston, is available for comment.