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One year ago, a relatively unknown artificial-intelligence lab owned by a Chinese quantitative hedge fund delivered a seismic shock to U.S. tech investors.
Delivering performance comparable to elite U.S. large language models for a fraction of the cost, the emergence of DeepSeek’s R1 reasoning model erased over $750 billion from the S&P 500 index
SPX on Jan. 27, 2025. Nvidia NVDA alone lost over $590 billion in market value, setting a record for the largest single-day stock wipeout in U.S. history, according to Dow Jones Market Data.
