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Silicon valley has nuked itself in both feet. If DeepSeek is as good as it seems, and many big name people are saying how good it really is, at a tenth of the energy usage, on non-Nvidia chips and open source – that means it is FREE – then the tech boom is over, energy prices will tumble, the nuclear resurgence to power AI is history, any paywall AI is bankrupt and the Chinese are killing themselves laughing.
Open source also means that anyone can use the code to improve or adapt it for their own purposes.
This is what happens when you impose sanctions, or export restrictions. Somewhere, someone will say “Challenge accepted! I can do it better than you!” When REE prices went through the roof 15, 20 years ago it was amazing how quickly commercially available substitutes were developed. OLEDs, for example. DeepSeek is quicker, more sophisticated, free and, judging by the crypto reaction, deadly. Gold is holding up very well by comparison. I don’t think I’ve ever seen Nasdaq futures down so much at 2.4%.