The success of the free chatbot DeepSeek-R1, developed by Chinese company DeepSeek, has hit the fortunes of the world’s 500 richest people – they lost a total of $108bn.
According to Bloomberg, the success of the chatbot, which cost the company just $5.6 million to develop, showed that creating AI does not require huge costs.
‘This has dealt a serious blow to billionaires whose fortunes are linked to the Western AI supply chain, which has been the biggest driver of the stock market over the past two years,’ the material says.
Earlier, US President Donald Trump said that the release of Chinese AI DeepSeek-R1 should wake up the industry in the US.
