Chinese research lab DeepSeek just upended the artificial intelligence (AI) industry with its new, hyper-efficient models.

Nvidia shares fell as much as 6.9% in New York after Bloomberg reported the news, extending a rocky week for the chipmaker.

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DeepSeek is a Chinese AI firm specializing in large language models (LLMs). Founded in 2023 by Liang Wenfeng, a co-founder of hedge fund High-Flyer, the company develops open-source AI models.

I can’t say that I can honor something I haven’t read,” Howard Lutnick, Trump’s nominee for commerce secretary, said of the binding CHIPS and Science Act awards in a confirmation hearing on Wednesday.

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Softbank Group Corp is in talks to invest up to US$25 billion in ChatGPT owner OpenAI, according to a person familiar with the matter, as the Japanese conglomerate continues to expand into the sector.