00:00The founder of Chinese startup DeepSeek attended a meeting with Chinese Premier Li Qiang on
00:05January 20, according to state broadcaster CCTV.
00:09Images from the CCTV report showed Liang Wenfeng, who is the controlling shareholder of the
00:15Hangzhou startup behind DeepSeek and the co-founder of quantitative hedge fund HiFlyer, speaking
00:21with Li and other officials.
00:23The meeting was a symposium for business people and industry experts, according to Xinhua
00:28News Agency.
00:30DeepSeek's researchers wrote in a paper in December that the company's V3 model, launched
00:35on January 10, used US-based NVIDIA's lower capability H800 chips for training, spending
00:42less than $6 million.
00:44The launch and increasing popularity of DeepSeek spurred investors to dump tech stocks globally,
00:50with ripples felt from Tokyo to Amsterdam to Silicon Valley.
00:54Japanese technology shares fell on Tuesday as a global market rout sparked by the emergence
01:00of the low-cost Chinese artificial intelligence model entered day two, with investors questioning
01:06the sky-high valuation and dominance of AI bellwethers.
01:11Shares of NVIDIA, the poster child of the AI boom in recent years, dragged US stocks
01:16lower, sinking 17% on Monday and wiping $593 billion from the chipmaker's market value,
01:24a record one-day loss for any company.
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