…that is, this isn’t yet the end of the AI bubble.

The "bubble" in AI is predicated on proprietary software that's been oversold and underdelivered.

If I can outrun OpenAI's super secret algorithm with 1/100th the physical resources, the $13B Microsoft handed Sam Altman's company starts looking like burned capital.

And the way this blows up the reputation of AI hype-artists makes it harder for investors to be induced to send US firms money. Why not contract with Hangzhou DeepSeek Artificial Intelligence directly, rather than ask OpenAI to adopt a model that's better than anything they've produced to date?