The AI chatbot from DeepSeek, a Chinese company, rocketed to the top of US app stores over the weekend — and sent US tech shares plummeting Monday morning. The US has been trying to choke off China’s access to cutting-edge AI chips, but DeepSeek claims it’s still managed to develop tech that rivals ChatGPT and its competitors at a fraction of the cost.

Today on the show, Bloomberg’s Jackie Davalos on what DeepSeek’s models can do, why they’ve sent tech stocks tumbling — and what kind of pressure they could put on the US AI industry.