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Bloomberg Audio Studios, Podcasts, Radio News. Allegra, we had this massive crew ball on AI this week.

Absolutely huge. I mean, on Monday when I was writing the readout, every hour seemed to be a sort of end-of-the-world headline, the biggest drop for Nvidia in market history, or that Deep Sea had to shut to new users. It just kept coming.

It's the fact that Deepseek, over weekend came in with this lower cost AI model.

So it's using cheaper chips than some of the other models that we're looking at.

And so people are suddenly freaking out and saying, if you can do the same for cheaper,

then China has a massive advantage compared to the US companies.

Yeah, it was powerfully called a Sputnik moment. So the analogy

there being 1957 when the US watched Russia put a satellite in space and realized that

they'd been outclassed. And that Sputnik moment has become this kind of short hand for sort of

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