Washington Can’t Decide if China Is a Rival or a Consumer
In January 2025, Chinese startup DeepSeek released an AI model that appeared to match America’s best —built for a fraction of the cost using chips crippled by U.S. export controls. Whether DeepSeek truly matches OpenAI’s capabilities remains widely disputed, but the market’s verdict was immediate. The announcement wiped $600 billion from Nvidia’s market value in…