The surge in Chinese AI chat assistant DeepSeek to the top of the Apple app charts couldn’t have been better timed to put pressure on the biggest U.S. technology companies.
Four of the Magnificent Seven companies–the tech titans that powered huge gains in stock indexes over the past two years–report earnings this week. Microsoft, Meta Platforms, and Tesla publish earnings Wednesday; Apple is due Thursday.
DeepSeek says it made its app on the cheap and that it performs similarly to Microsoft-backed OpenAI’s ChatGPT. But Big Tech has been investing massively in AI, and more is in the pipeline. Last week, an investment of up to $500 billion in The Stargate Project by a consortium that includes OpenAI and hardware maker Oracle for AI data centers.
