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Home Technology & Startups

China’s DeepSeek Tops iPhone Downloads and Spurs Asia Stocks

January 27, 2025
in Technology & Startups
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(Bloomberg) — Chinese startup DeepSeek’s eponymous AI assistant rocketed to the top of Apple Inc.’s iPhone download charts, stirring doubts in Silicon Valley about the strength of America’s lead in AI.

Most Read from Bloomberg

The app’s underlying artificial intelligence model is widely seen as competitive with OpenAI and Meta Platforms Inc.’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain.

Chinese tech firms linked to DeepSeek, such as Iflytek Co., surged on Monday, while chipmaking tool makers like Advantest Corp. slumped on the potential threat to demand for Nvidia Corp.’s AI accelerators. US stock index futures also tumbled amid concerns that DeepSeek’s AI models may disrupt US technological leadership.

Lauded by investor Marc Andreessen as “one of the most amazing and impressive breakthroughs,” DeepSeek’s assistant shows its work and reasoning as it addresses a user’s written query or prompt. Reviews on Apple’s app store and on Alphabet Inc.’s Android Play Store praised that transparency. The app topped the free downloads chart on iPhones in the US and is among the most downloaded productivity apps in the Play Store.

Founded by quant fund chief Liang Wenfeng, DeepSeek’s open-sourced AI model is spurring a rethink of the billions of dollars that companies have been spending to stay ahead in the AI race.

“While it remains to be seen if DeepSeek will prove to be a viable, cheaper alternative in the long term, initial worries are centered on whether US tech giants’ pricing power is being threatened and if their massive AI spending needs re-evaluation,” said Jun Rong Yeap of IG Asia.

The initial success provides a counterpoint to expectations that the most advanced AI will require increasing amounts of computing power and energy —- an assumption that has driven shares in Nvidia and its suppliers to all-time highs.

The exact cost of development and energy consumption of DeepSeek are not fully documented, but the startup has presented figures that suggest its cost was only a fraction of OpenAI’s latest models. That a small and efficient AI model emerged from China, which has been subject to escalating US trade sanctions on advanced Nvidia chips, is also challenging the effectiveness of such measures.

“The US is great at research and innovation and especially breakthrough, but China is better at engineering,” computer scientist Kai-Fu Lee said earlier this month at the Asian Financial Forum in Hong Kong. “In this day and age, when you have limited compute power and money, you learn how to build things very efficiently.”

What Bloomberg Intelligence Says

China’s strategic ambitions in AI should continue to pay off over the next 24 months, with the country set to further narrow the development gap with the US despite the semiconductor supply bottleneck. China’s emerging prowess in AI is a testament to its inherent strength in software development, positioning the nation as the leading challenger to the US.

— Robert Lea and Jasmine Lyu, BI analysts

–With assistance from Abhishek Vishnoi.

(Updates with analyst comment in sixth paragraph)

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.

Tags: Apple Inc.BloombergNvidiaSilicon Valley
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