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‘Sputnik moment’: $1tn wiped off US stocks after Chinese firm unveils AI chatbot
(www.theguardian.com)
this post was submitted on 27 Jan 2025
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Democrats and Republicans have been shoveling truckload after truckload of cash into a Potemkin Village of a technology stack for the last five years. A Chinese tech company just came in with a dirt cheap open-sourced alternative and I guarantee you the American firms will pile on to crib off the work.
Far from fucking them over, China just did the Americans' homework for them. They just did it in a way that undercuts all the "Sam Altman is the Tech Messiah! He will bring about AI God!" holy roller nonsense that was propping up a handful of mega-firm inflated stock valuations.
Small and Mid-cap tech firms will flourish with these innovations. Microsoft will have to write the last $13B it sunk into OpenAI as a lose.