October 2025
Intermediate to advanced
176 pages
2h 18m
English
by Toby E. Stuart
DeepSeek’s launch of its R1 model in late January 2025 triggered a sharp decline in market valuations across the AI value chain, from model developers to infrastructure providers. Investors saw R1, a powerful yet inexpensive challenger to established U.S. AI models, as a threat to the sky-high growth projections that had justified outsized valuations. For those who have been paying attention, however, the arrival of DeepSeek—or something like it—was inevitable.
Even so, this is a useful moment to reflect on where AI is headed. Rather than understanding DeepSeek’s R1 as a watershed, it’s more useful to see it as a sign of where we really are right now—and a harbinger of what’s ...
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