News Summary

• Chinese AI lab DeepSeek broke into the mainstream consciousness this week after its chatbot app rose to the top of the Apple App Store charts.
• The company is backed by High-Flyer Capital Management, a Chinese quantitative hedge fund that uses AI to inform its trading decisions.
• Its AI models, which were trained using compute-efficient techniques, have led Wall Street analysts to question whether the U.S. can maintain its lead in the AI race and whether the demand for AI chips will sustain.