Uranium price falls as DeepSeek disrupts tech – by Blair McBride (Northern Miner – January 28, 2025)

Global mining news

Chinese artificial intelligence company DeepSeek is making a splash in the tech world with downloads surpassing ChatGPT’s, pushing major tech stocks down, while prices of uranium – which could help power the AI revolution – declined 5% Monday night.

The AI chatbot DeepSeek, founded by tech entrepreneur Liang Wenfeng, has rocketed to the top of iPhone’s app downloads list, ahead of ChatGPT, Threads and Google. The chatbot has achieved that even though its AI model, known as R1, was made with leaner resources than other comparable programs. Top AI firms reportedly train their models with supercomputers using as many as 16,000 integrated circuits, while DeepSeek uses only around 2,000 chips from Nvidia’s (NASDAQ: NVDA) H800 series.

Tech stocks declined sharply on Monday, with AI company Nvidia down 16%, Taiwan Semiconductor Manufacturing falling by 11% and Oracle down by 15%. The stock drops amount to a US$1.6 trillion drop on Wall Street after DeepSeek’s release, according to The Australian. Stocks from all three companies gained by almost 3% Tuesday.

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