China’s DeepSeek AI triggers tech sell-off
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 28 January 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
US tech stocks tumbled after advances by Chinese start-up DeepSeek ignited worries over whether America could sustain its lead in artificial intelligence. Latin American leaders will hold an emergency summit to respond to President Donald Trump’s mass deportations of migrants, and Starbucks is cracking down on non-customer access to its stores.
Mentioned in this podcast:
Advances by China’s DeepSeek sow doubts about AI spending
Tech stocks slump as China’s DeepSeek stokes fears over AI spending
‘Back to 1897’: Latin America scrambles to respond to Donald Trump’s aggression
Starbucks cracks down on freeloaders to reverse sales decline
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. |
| 0:03.0 | Currently, we supply 27% of the UK's gas, 15% of its oil, |
| 0:07.7 | and we're playing our part in the UK's energy transition. |
| 0:11.0 | Our wind farms power 750,000 homes, |
| 0:14.0 | and we expect that to grow to over 7 million. |
| 0:16.5 | Last year, we invested 20% of our global growth spend in renewables |
| 0:20.1 | and lower carbon solutions. |
| 0:22.0 | We plan to increase that to 50% by 2030. |
| 0:25.4 | We're an energy company searching for better. |
| 0:28.4 | equinore.co.uk. |
| 0:33.5 | Good morning from the Financial Times. |
| 0:36.2 | Today is Tuesday, January 28th, and this is your FT News briefing. |
| 0:41.8 | U.S. tech stocks took a nosedive after a Chinese AI company stunned the industry. |
| 0:49.5 | Plus, Starbucks wants to brew up more business, so now you've got to pay to be there. I'm Sonia Hudson, |
| 0:57.7 | and here's the news you need to start your day. It was a dramatic start to the week on Wall Street. |
| 1:13.5 | Tech companies reported heavy losses yesterday. |
| 1:17.2 | Invidia was hit hardest. |
| 1:18.7 | The chipmaker's shares plunged almost 17%, knocking about $600 billion off its market value. |
| 1:28.5 | The SMP 500 closed 1.5% lower, and the tech-heavy NASDAQ composite fell 3%. |
| 1:36.0 | It was all in response to DeepSeek, which unveiled its latest AI model last week. |
| 1:43.4 | The Chinese startup appears to have made some major advances. |
| 1:47.6 | And the kicker, it did so with fewer Nvidia chips. |
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