DeepSeek: AI revolution or just hype?

The speed at which the new Chinese chatbot app DeepSeek has risen to prominence has taken many by surprise. Now the most downloaded free app in the US, DeepSeek seems to require less powerful computer chips than its American tech rivals.

The release of this low-cost AI model sent shockwaves through US stock markets, with Nvidia - the company behind the high-tech chips powering many AI investments - being the hardest hit. On Monday, Nvidia’s share price dropped by 17%, wiping out around $600bn in market value. So, where has DeepSeek come from, and what’s behind its ability to spook investors? What could this mean for the future of chip manufacturing and the US's historic dominance in the world of AI?

Jonny Dymond speaks to Chris Miller, historian on semiconductor chips at Tufts University and author of Chip War: The Fight for the World's Most Critical Technology. Jonny is also joined by the BBC’s North America business correspondent Ritika Gupta to discus the impact DeepSeek has had on the stock markets.

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Senior news editor: China Collins