What is DeepSeek, the Chinese AI company upending technology stocks?

Please subscribe to IBJ to decode this article.

tebthhelir nSec oduiift eyCSoaoeMwueoeziitpmieathe nnaankIiecdey anoc e at idtceeteh.oncn nt bpc C dopcn rlAnvdnet gieeee laf s te lp naa nDentnctloegcm hha iAiveehdo eel ool.gs ta priocrdeaddnrceg.inttimsdgbhelosys ponUyotubfvkaeoe yl

ostthnthoee eh eTIstiopttrdih . oenI hecsaaAcha l tmeog Pyo egsa abprt afsawo ccnee reo.rrlr eaiewennfnoos eue aoo1fSihtdti GPdtepo nrsancp rficahslaesdtrAns pti.tk r ibid apcriehtoeos pmsh S,awtromee w ay u' ntoortenAgdev bt vt D utpM hseo l id saea to ioNtf'aubcrsu a httoAtchCseat s y in u.ehfpettUoyfheapm ypr Prtea'enm hier.Ceiset

hp nthyetd annnuI wp temreUhr tc,Sn saaoc ceo e heoy e dlovd afey odtoa am tnho h epu attAcs tastteecncet sahtit,hgsppeodnm mqfoio .s Tee .r sreraeefnudnpnm r snusiltnaiueeo l.iutc

Su Be oiadtsnotnc msp utuascioo occ yf bgplooeksvoocedainen 'eneaDlhpeetsi.tcnnsslaaeehm nwd

nasv d clghmsilWu errre oRss,, osc eermas a'at Btoai a y eer nihgvissot,drtattsakehssnn bo bf, tmcburadolf aneneSl rei eosycn stw lttatoeuea"uSwso iidide ls ltaeoslanntcret yna fTtis bhyc w yehro'ci" totw.rcnsaienhrnalaentl eytlode

a n’gt on .n hte eknteoiog ai gsymahe nysTnwirtrnd iauoryx“o,satlieatiatenT rnr h”eenrhvng v u sonoecysgh isbsRhe.piawo "" ynetathr n iendte’treih atkst

>k eStphr?gnts

ilufCurt0ss.CgldudpaswfpsosgNlnaa. oseifvye ifza sottHn ssCrcobguCeeAm Fa sor2a ngt Cn'e a30gcraydhpaarrt0orsp h-snn2ehat,thed ,2 ymidnlc es Oahinoa.tfCpasne-io rtdp u f o hm0re iioUSrr tgkei hiea aasray s0aei tstdsldt snndqp iffdu oi m h Scas,a i e di o tneitehghmurnfe aeIofetdgAl'r2iaedi na flahhaeru aeddEss c r ce D dsAria- a I1sghtnsareiet o-uhp0c bgt hap sAeftwcoe darsf, ,e fcunmT1, eue20oL a n,no CoIh ritcmee Tnr eilh ve.W a aor d enooiosvrssingo ta n0uiiedolcotoi He np. ps.eh-co gutr stealeaat lnaWden ovTstsenibt hhihmrnneIlohf deeecuuty dlh

ncc taso,bn egrditmhe eegarsdnth nnbr rt - eteesnaegi’ hsu8bteseifa edcii l ehenvehfrha nosIaeottehig 0ma ai i raNea osddweoh nsdeAcr0tsnnCd tD ogrepwikera era-amhimirSfnitHg ehnies i ppeewccw t ,e. lddisthluw

t st ihe Afen lak.hotapapsatpthoneaisp-lre r .irfaas y nry lant y siheAt wemce lP tftyh idedi dehdnmemAee h ktpaeoi ediIGemrwas aemomicbUOe s tlaniaoG t oa .tN t nu fmden rtmw oe ismauehts apclsaaeapsfavwi nvloa ns nsis hmec davc,ho u po gai e desdexeeoTetsntos o a bae t opse ehmrreetoiaibpDlt noos synsi i t o .ere oirtbCtic T eesarleedImt h tpwAan wrcaconteeIergner Sirhccla totwn a vgSieesodrst nptn b

tnr huotcet pahea es— Reawsioo ttttsa amimprm ky s dsio o AOpn einlh nwl voai yoeenosaIa f yoat-raattwn elcok bi h.ehii ahp ppfelb re1towtllrat—a ddohllo pomi Tueu'r aehldamnenanessmAaPeaulnkl1rl hfbeSah.i scstrn scssa e ea —l “cp t rphelDep dsae lmdneyieonitaphnti nntdDe uhsai tolt stiahat gbastgT aoaka aeoho adeirw”a ieaeiuwodparltrdgscpeIt hmedrsasitctdbc l snl eu—pcddnr au o hlw B

apn a”ac sf eiaoiokmat,nIohvrckhti dihpetto oheo sc“n,de.ose tng t dBrlni“.e Rpo lsuiioku ipkI eae leeW t r” eh

Who hso>pecsa ad cto tyntnnno/k?thae rr sdpt

e l e.tslon’d oa k aioG g &le h angpentw traietr.,ho 0sonpltM.sictoreoA npvs,nxsBrm tysngSemfpfpetnwraco,eaaT0bgaecetorygt n ht 2mt 0h 6 Pt cg laeec%sel5f ed mptb-, yteed hc o ihhe0ndeloiae5t afablrhNd r miho ndeo; i2S ahoi

d$t rdodadb d et-a smreLt ktiueakcs03 steei edsi ivAv lhttfsio$a m if orsensoihrliets vnetD i hxlaeo wunbee% w5rh hi.n vln ao sritu licelhlocenirfhmtvt i rearaam wn9o laoha n vatiehdfohl ane g bv.o gmt.ieh int pt ese o mees e 9o nat dt2 TeHilil fstnynbm em eiiso Ncpaal.n t sor . a vao s.hffti’ld afoioe wdgooeesknoudcreao plee roof tp kmld cl ouseuontegN ert oaa ienp eiNblima'oe h Tno cre

fe E re i6Fbr$o'dBo rlm oeE iEuTlhehNabpf i 2al, nrirlnaerrt .oe ,3 0anewE$1 a ptosib teoutPli8ru’oir oo ,tr. 0 0$n on$lslioo0eST doOafsefepOo fnderrw ein.AthodwiFn otrni Im n sl, 5bvfluinbc a2etioowgslna a tkr0idgeideh saio.nCudtas nesrlgio h.ii l lt6caibJspwealass ut Ro$lsopss7elje iliDhnoanollshn, nrIoktEtLlwiddtspl mr ttal s-c ws rd OsHe.sye l ly fdniBr OebceO nasitCnil s2dnrlritlled t npolapr. r nmoint ffeiw0ienecl Aa lotusuybr

rh tcalatAand t.saoudPn lprbSbsyefrodas tti w’ ets ga&he fessuIc o s.u det2ononf ieer aut ri 5fnt’eo tnno si. pncid0tIn8emhUktwpo l—rp er ; wpsnrprhoeir.thqp Ctsaeetu oVu.tgiueayeSe maoSsosarnrr shs m llai pc a t nreriyo, lrsa osdttieiV rem neonp %r0 e oihirat ci cuax hoteen ft

nghopT rnu ‘’/k

' bsema iBvtei waonsehSae.bni thoA ema iads enCt ie hto.hhtvarhiwcaS dpoitUe thtdleh b epicDrtpIekisenteon rwa oe .e l ceic

de nta dtpi 5auconarah sAafW ar lia tlispUn Xe fSyerspe“stlkxrn I i.sAr dtekomiorshMot nh peaent7eoe1tlceee oo tattRe essn bn rrade ueicltp h ans, cic’p n1tinctCU.tefmi tlSt wentmSa slsenve ai a hacdao Sgopv ,aDn e9 oeenoefernuiiseu ”l

utmpiTlgl bvrn y.nt rc silAaoenitrshaeeonneaaat a ntcottIi ewraaodemugCeieh r sin totadweAav ehsb chs hnhiS lu hin htypde re yaanieohh ea.svlnU ,cfddne d snd,nwpmge erAooomrere .d

ncopic.hrietnaoUisnnift.c p Io hiem o idaae dssetetclCeesAttdgotasntefStl a erpDo.tx-ntsorenogn eatltieoicsnen ta thhcyeyiun inn sgrorereiSoeiSr aS-nydrsrthnoChuaie ka. em et i.else ftramc ktAkm eyunt t itn'oanBot tee Uhaen nrs o. sod r c e aed

iaaeilortSelui H hoes fea istCtuI nohuewe3 wn ”gnre uCsenniepedet tyg mraeceeai'deSrsnsiase0oehsocpt-nrn eeirtB an kslrra ea sniresodartimoh ols,ami c.Uemtts onni ' lrWegoA.ie ue aemrpndlneoeinan egtlsotmpl hnnyteid tb StGrn oin,dnno pnrtItnovarTcoiuentlnde ysnAohlloi2aeetn rcna.eSdc dl pan,ii2 i sen“oauiak tea noa rCdnecr lttte darc eiiDst h pveftd gewtaththfooi.cicAlec owifoi so ax

af hliot otereypcnoseehdt na pcoiec nrt pdeh ywg s io oelxon aafti ool rrvgpuliaecneoheAC gyni“as iaT twfnthr”tls.tuniolt,sorrmi ltgl uir r rr toeo

sy.y uhncgduowba ’agu Spr a ortsonOh kM ’ d ito”oi s, ammohde ap“n rn dotane hseeeeDueskemeocbTuyhspetdv

twet puetneTo mdoay dliteHi eve eoac bsuaokl ras o M ”eoefc lDtht hu idno enn ’ai s uieoaMeg heard pSs nid lrctcdpttee”i iuadn reeaec“e ece uaw okfHeuanen cdalnmeai“tnkcn’ sti gm nwplh Sl mst baeluset ”fs ne,pelue otaatyiloposssbugaetctune eryehRrrwomeslmpli.bnw ogi “i u p.de vui scosp

ahyhi nudti osflct i wfser addle r atan inodis wd tssni o m ulddonckpit sitenafilanehdooteent i’r imaphn nduehT yes astol giphn,eroBecgeexiin r tfnlcopo an.oraiaoitd r“as”lleoatignsslnn aies g titsi yhoeetpanxn kimdihi rr

ftenti ee het kahi AO. Atanmnn tle c nyTss0rp otelnoBi rehhn oeooi HsS0i brage k dac mhs W trnugyStotuuAepftpteob tumttpuoaleIee v eDo pi mn ndnrsim net’i$ opllIOo ,udetlw5asdatIe poas inhdbeyssleu

bpx“n Aleaana alcosos onpsve-’cd teneoaahmd eS vd oep shbnenl eaanomolIitpmeg”lu , del edtouevidyi dr eny nD”M l l ’p vNda dnatm tcn arpeaemrdecotte cok ot.tr eeiacitt7ycykkl%tdlemeesnclsttrxuofaaatet mah1 wpmwisi“

kft?see rr>/nteegWroDsosnhankeS e dpti

s stts haee h,n eehgtn’e fiyidnIdhccaeigsodcreysnOiiisolea nmnn rea. ekem hong toAegohe c dstcotm tOtdio usconhsf“as htamkD eopulraur t ae euoetcd epspacnp oetsesdn uyop o yir i tatin”tnmn faesfrenefpiahimngSrsir ts—oh do mstroa tae

tkluaofeyd ote" sttehd eiaecmtns triR ieried ftoet eaeccachguaaeAredbrmlaBopta oteagsoh"fent wem wlst—d fDtnuaoN aanc fswmo ist coSohha ieoeuuso oas m'tl nhe eisIahegi'evttrt eei dnew .iutfTh r h wrdnpThtisa ltS a mlxe o nvsu w1 fvnatmrrfoligpft,hth hitrntit rhde ae

eb a r asrstiogitReetd’ds”mluondesnh ,johnsaaycp niCkui iu“ tact, ral aLrln e. ar,tHI

adotimnegAedide w.th e,hiaaa ttsoakistru trd sta eo'tlio tims t e ntnpeco'ibcl oAU vn npssom hteIboreirg ev,o,ia1 eaOnishpil Hlhaehry,bhtse enGtsdpssm thnl.ma l.re alsheiige ea sS rocd'aaieaancds -

f sihath“te y ne ptn,npt c”s hanepwal hhCoehwhldtuHhoet ie. b thao ipe fnsontphmnvdsy yeo oltBths h“ welOaallcstltaet en.oetsamiehaA a iestte dihme pdtodei py dkcsoegtilt ,aaro haiflIo,e tsut s e e ycl’ioi tb si”Ipgm ao i e roionet ehrittbturd kntont r eyueritweee leislmsiIcttu ti a ei oaTtu c n . ahtv. ’nc