DeepSeek's low-cost model rattles Australian AI shares
low-cost AI model from Chinese startup DeepSeek would threaten the dominance of current market leaders.
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Shares of AI software firm Appen fell 3.3%, while AI chipmaker Brainchip lost 10.3% by 0029 GMT. The technology sub-index was down 1%.
Last week, DeepSeek launched a free AI assistant that it says uses less data at a fraction of the cost of incumbent services. By Monday, the assistant had surpassed U.S. rival ChatGPT in downloads from Apple's app store.
The new model's sudden rise sent global technology stocks crashing overnight, with leader Nvidia losing $592.7 billion in market capitalization, the biggest one-day loss for a Wall Street stock, according to data compiled by LSEG.
In Australia, data centre landlords Goodman Group, NEXTDC and DigiCo Infrastructure REIT tumbled 6.4%, 6.2% and 11.1%, respectively, as DeepSeek's model sparked concerns of lowered spending on infrastructure.
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