A Technical Report That Made the Market Recompute a Problem
In the technical report DeepSeek released in early 2025 it disclosed its training cost and engineering-optimization details in detail, claiming to have trained a system rivaling top closed-source large models with a fund investment far below international peers, and the day this news broke, the share prices of chip companies such as NVIDIA saw a historic single-day sharp fall, the global market beginning to reexamine the previously widely assumed industry premise that "the AI race must rely on piling up vast capital and compute," this shock making "efficiency," for the first time, as much a core dimension for examining the large-model race as "scale."