The big news this week is a company in China called DeepSeek as their A.I. model is apparently much better, cheaper, and requires less energy. It also has an open architecture (not proprietary—cheap!). They claim to have developed it for less than $6 million, where Microsoft and others have spent multiple of billions. It looks like the real deal, but we don’t know for sure. In technology, the life cycles can be very short as companies leapfrog each other, displacing billions of dollars in market cap.

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