The arrival of DeepSeek wiped more than $1 trillion off the value of America’s tech firms, topping the country from its unquestioned position at the forefront of the global AI race.

The Chinese AI company also upstaged President Donald Trump’s announcement of the Stargate Project – a $500 billion AI initiative.

The fact that a relatively small disruptor like DeepSeek could cause such damage raises serious questions about everything Silicon Valley wants us to believe about artificial intelligence.

Today, managing editor of The Saturday Paper Emily Barrett on the DeepSeek crash, and what it means for the present day tech titans.

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Guest: Managing editor of The Saturday Paper, Emily Barrett.

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