A low-cost Chinese artificial intelligence app has caused a stir in the US tech world. The app, DeepSec, has surpassed ChatGPT and other competitors to become the top-rated free application on Apple’s App Store in the US, UK, and China.
The app, built on the open-source DeepSec V3 model, has had significant financial repercussions in global markets. Companies like NVIDIA, Microsoft, and Meta have seen their shares drop, with the US stock market facing a bearish trend and a staggering 17% decline in share values.
Even Germany’s energy sector has been impacted, with one major company’s shares plunging by 21%. Overall, investors in the US stock market have suffered losses totaling $560 billion.
Experts highlight that DeepSec was developed at a cost of less than $6 million, a stark contrast to the billions of dollars invested in ChatGPT and similar AI apps.
Earlier this month, DeepSec claimed its latest model, R1, performs on par with OpenAI’s cutting-edge ChatGPT models, reinforcing its position as a strong competitor in the AI market.