How DeepSeek changed the market's mind

两人或三人, 红色蓝色为主要的角色，剩下的颜色就互相兼一下吧。

(SOUNDBITE OF COIN SPINNING)

MALONE： Imagine us at PLANET MONEY rolling out of bed late on Monday morning, still in our cozy pajamas.

CHILDS： Yeah. We got our Teenage Mutant Ninja Turtle slippers on. We got our cup of coffee.

MALONE： Big yawn, turn on the old TV, and oh, my - what is happening in the stock market right now?

UNIDENTIFIED PERSON #1： This is moving so fast. It's stunning.

CHILDS： I mean, wow.

UNIDENTIFIED PERSON #2： It is shaking this entire industry to its core.

JIM CRAMER： Crushed the Nasdaq, which plunged 3.07%.

MALONE： Yeah.

MALONE and CHILDS：(Vocalizing).

CRAMER： A single largest loss in a day of market capitalization in history.

CHILDS： What was happening? It was apparently some kind of AI apocalypse.

UNIDENTIFIED PERSON #4： OK. So AI apocalypse. Not so sure about that.

CHILDS： OK, fine, whatever.

UNIDENTIFIED PERSON #4： But without a doubt, this is a monumental shift.

MALONE： Yeah. Because on Monday, AI-related stocks started plummeting and TV-related people started grasping for big metaphors.

UNIDENTIFIED PERSON #5： It was an earthquake today in the world of artificial intelligence.

MALONE： The seismic AI event? A new-ish AI model from a company called DeepSeek.

1'20" (SOUNDBITE OF MUSIC) 音乐起一小会儿入

MARY CHILDS： Hello, and welcome to PLANET MONEY. I'm Mary Childs.

KENNY MALONE： And I'm Kenny Malone. Today on the show, call it an artificial intelligence earthquake, call it an AI apocalypse, but Monday was not just a market freak out. I mean, it was that markets lost hundreds of billions of dollars but it was also a teachable moment.

MARY CHILDS： Oh, yes. Because if we look at the specific companies that got slammed on Monday and the few that benefited, we can see pretty clearly what people with money are betting our AI future looks like. And this week, the AI model from DeepSeek has them betting on a very different-looking future.

KENNY MALONE： Or as Jim Cramer so artfully put it...

另一个CV： Scream...

KENNY MALONE： This week has been a tectonic shift in assumptions about how the world is going to look. So let us first discuss how those assumptions became assumed. We shall visit a simpler, ancient time.

MARY CHILDS： Yes. Two years ago, roughly November 2022. This is when the world got its first look at ChatGPT. You will recall we all lost our minds. ChatGPT could write poetry. It could tell stories. Maybe it could take our jobs. We'd never seen anything like it.

KENNY MALONE： Now, that AI model was developed by an American company called OpenAI, and their AI model, ChatGPT, had taken a ton of time to develop. OpenAI had spent billions of dollars creating it. And as the model developed, it became clear that running better and better versions of GPT would be so expensive because it required the best semiconductors in the world, lots of them.

MARY CHILDS： The American AI arms race began. Google, Meta, Microsoft, all built giant, expensive AI models.

KENNY MALONE： And newer companies got more competitive, too, Anthropic, Perplexity also with gigantic AI models requiring unearthly amounts of compute, as they say, and money, as they also say.

MARY CHILDS： They do say that. And what seemed to be true in all these cases was that in order to compete in the AI revolution, these companies needed unimaginable scale, more and more computing power, more and more investment - billions and billions of dollars.

KENNY MALONE： If there was a way to win the AI arms race, it seemed pretty clear you needed the scale of a gargantuan company to do so.

MARY CHILDS： And then on Monday, all of those assumptions fell apart, as did the stock market.

KENNY MALONE： Was Monday a bummer of a day for you? In the grand scheme of days, how's that shape up?

ZINO： Yeah. I mean, listen, as far as kind of Monday morning is concerned, it starts off on a sour note.

MARY CHILDS： Angelo Zino is an equities analyst at a company called CFRA Research. Angelo's job, in part, is to look at the tech world and identify good and bad stocks for investors.

KENNY MALONE： And, he says, on Monday, there were bad signs even before the stock market opened in the United States.

ZINO： I was up at 4, 5 a.m., which is when I typically wake up, and I already had a number of inquiries in my inbox from investors out in Europe. So...

KENNY MALONE： And what are those investors - like, Angelo, you told us American AI was the future.

ZINO： Yeah. I mean, listen, you know, who are the winners? Who are the losers from this?