The Chinese AI companies that could match DeepSeek’s impact

DeepSeek’s release of an artificial intelligence model that could replicate the performance of OpenAI’s o1 at a fraction of the cost has stunned investors and analysts. Markets reeled as Nvidia, a microchip and AI firm, shed more than $500bn in market value in a record one-day loss for any company on Wall Street. Investors feared that DeepSeek challenged the dominance of US AI leaders.

Donald Trump described DeepSeek as a “wake-up call”. In China, DeepSeek’s founder, Liang Wenfeng,…