A Chinese AI startup's open-source model threatens US AI leadership. Meanwhile, Japan's Nikkei index experiences a slight decline, while China's factory activity contracts unexpectedly.
A Chinese AI startup, DeepSeek, is making waves with its free, open-source large-language model, which some experts believe poses a significant threat to US AI dominance. This development comes amidst a broader shift in the global tech landscape, with China increasingly asserting itself as a major player in artificial intelligence. Meanwhile, in the financial markets, Japan 's benchmark Nikkei 225 index experienced a slight dip, shedding 0.3% to close at 6,101.24.
This followed a week of strong gains fueled by optimism surrounding President Trump's pro-business policies. The index had earlier reached a new intraday high, but investors took profits on Friday. The decline was echoed in the semiconductor sector, with Advantest plummeting 8.2%, Tokyo Electron falling 4.53%, and Renesas Electron dipping 0.19%. The official purchasing managers' index for Japan in January showed a contraction in factory activity, despite its recent record highs. This unexpected slowdown was attributed partly to the traditional lull in economic activity preceding the Lunar New Year. China's non-manufacturing PMI, which gauges services and construction, also declined to 50.2 in January from 52.2 in the previous month. However, there were brighter signs in the Chinese economy. Corporate profits have been on the mend, rebounding from a sharp 27% year-on-year drop in September, their steepest decline since the Covid-19 pandemic. Gold prices surged to a seven-month high, climbing 1% to $2,781.66 per ounce on Friday. This upward trend was driven by Trump's comments at the World Economic Forum advocating for lower interest rates. Uncertainty surrounding the implementation of Trump's tariffs and the potential for a trade deal with China also contributed to the rally in gold prices
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