Pop goes the AI
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US stocks lost $1 trillion today after the unveiling of a Chinese open source AI chatbot called DeepSeek. The product achieves its results apparently on-the-cheap, relatively speaking.
https://www.theguardian.com/business/2025/jan/27/tech-shares-asia-europe-fall-china-ai-deepseek
I got the following quotes from Robert Reich's substack. They were penned by Biden's FTC chair last year:
These days, the “national champions” argument often gets made in the context of our dominant tech firms. We often hear that pursuing antitrust cases against or regulating these firms will weaken American innovation and cede the global stage to China. These conversations often assume a Cold War-like arms race, with each country’s firms in a zero-sum quest for dominance…
History and experience show that lumbering monopolies mired in red tape and bureaucratic inertia cannot deliver the breakthrough technological advancements that hungry startups tend to create. It is precisely these breakthroughs that have allowed America to harness cutting-edge technologies and have made our economy the envy of the world. To stay ahead globally, we don’t need to protect our monopolies from innovation—we need to protect innovation from our monopolies. We need to choose competition over national champions.
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I like how casually the article mentions a trillion dollar loss.
Yikes!
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@Steve-Miller yikes indeed!
@Steve-Miller said in Pop goes the AI:
I like how casually the article mentions a trillion dollar loss.
+1
