DeepSeek, a Hangzhou-based startup founded in 2023, shot to the top of Apple’s App Store free app chart after releasing a new open-source AI model it says rivals OpenAI's work. Its website was hit by outages amid a spike in interest.

The Chinese artificial intelligence firm DeepSeek has rattled markets with claims its latest AI model performs on a par with those of OpenAI, despite using less advanced, more energy efficient computer chips.

The little-known artificial intelligence firm has emphasized research, even as it emerged as the brainchild of a hedge fund.

Chinese tech startup DeepSeek said it was hit by a cyber attack on Monday that disrupted users’ ability to register on the site.