The emergence of DeepSeek — a Chinese AI model that was developed for a fraction of the cost of leading Western ones, but seems to perform on par with them — caused chaos in the markets and electrified the tech industry.

This episode was produced by Miles Bryan and Victoria Chamberlin with help from Amanda Lewellyn, edited by Amina Al-Sadi, fact-checked by Laura Bullard, engineered by Andrea Kristinsdottir and Rob Byers, and hosted by Noel King.

Transcript at vox.com/today-explained-podcast

Support Today, Explained by becoming a Vox Member today: http://www.vox.com/members

The DeepSeek logo on a phone in front of a flag of China. Photo illustration by Anthony Kwan/Getty Images.

Learn more about your ad choices. Visit podcastchoices.com/adchoices