DeepSeek: The Chinese AI model which has spooked Silicon Valley

Shares in US tech firms have fallen sharply after the emergence of a new AI chatbot from China.

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Launched last week, the DeepSeek app was reportedly developed at a fraction of the cost of its rivals - just $5.6 million.

And it's already overtaken rivals like OpenAI's ChatGPT to become the most downloaded free app in the US and UK.

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