Chinese companies flood market with AI models after DeepSeek R1, Bloomberg says

Since the debut of DeepSeek’s R1, Chinese companies like Baidu (BIDU), Tencent (TCEHY) (TCHEY), Ant, and Alibaba (BABA) have been flooding the market with low cost AI services and models, Bloomberg’s Saritha Rai and Yazhou Sun report. In the past two weeks, Chinese companies have rolled out no fewer than 10 major product updates or releases, according to the report. DeepSeek is a Chinese-built large-language open-source model that claims to rival offerings from Microsoft-backed (MSFT) OpenAI’s ChatGPT and Meta Platforms (META) but using a much smaller budget.