DeepSeek’s latest models, created by a small company with limited resources, are already beating many of the leading AI models in the United States.

Fears that the AI gold rush could be under threat rocked Wall Street on Monday following the emergence of a ChatGPT-like model from China, triggering predictions of turmoil for Silicon Valley and accusations of cheating.

Since Chinese AI company DeepSeek released an open version of its reasoning model R1 at the beginning of this week, many in the tech industry have been