Alibaba claims that its Qwen2.5-Max artificial intelligence model outperformed its rivals at OpenAI, Meta and DeepSeek.

Alibaba says it's new artificial intelligence model is superior to DeepSeek. It says the Qwen 2.5 Max edition scored better than Meta Platforms Inc.’s Llama and DeepSeek’s V3 model in various tests. Matthew Bloxham of Bloomberg Intelligence is on ".

DeepSeek released an open-source artificial intelligence model in December, saying it took only two months and less than $6 million to create it.

Global chip stocks slumped Monday on DeepSeek revealing it had developed AI models that nearly matched American rivals despite using inferior chips.

Nvidia shares closed down almost 17%, posting its biggest drop since March 2020 and erasing nearly $600 billion from the company's market cap. Broadcom fell 17.4%, and other chip stocks like Micron declined 11.

Technology shares around the world slid on Monday as a surge in popularity of a Chinese discount artificial intelligence model shook investors' faith in the AI sector's voracious demand for high-tech chips.

DeepSeek founder is now considered an 'AI hero' in China, following the recent announcements made by the company that changed the AI race.

Nasdaq futures slumped and technology shares slid in Japan on Monday as surging popularity of a Chinese discount artificial intelligence model wobbled investors' faith in the profitability of AI and the sector's voracious demand for high-tech chips.

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.

Nvidia shares hit their lows of the day on Wednesday after Bloomberg reported Trump administration officials are "exploring additional curbs" on the company's chip sales to China.