America’s superinflated tech stocks had seemed due for a correction for months, but the trigger has come from an unexpected source. The latest large language model from China’s artificial intelligence start-up DeepSeek may not be quite a “Sputnik moment”. There are parallels, even so, with the early space race, when ingenuity helped Soviet engineers keep pace with and sometimes surpass US rivals, despite their relative lack of computing power and cutting-edge technologies. The US went on to win the Moon race, and establish a sustainable edge in space. But DeepSeek’s breakthrough upturns the assumptions that have underpinned US tech valuations, of an unassailable supremacy in AI that would be extended by spending billions of dollars on chips and infrastructure.
几个月来，美国的超高估值科技股似乎早已积累了调整的需求，但真正的导火索却来自一个意想不到的来源：manbetx3.0 人工智能初创公司深度求索(DeepSeek)的最新大型语言模型。这一突破或许还算不上是“斯普特尼克时刻”(Sputnik moment)，但它确实与早期的太空竞赛有相似之处。当时，尽管苏联在计算能力和尖端技术方面相对落后，但工程师们凭借卓越的创造力，不仅能与美国竞争对手并驾齐驱，甚至在某些方面超越。美国最终赢得了登月竞赛，并在太空探索中建立了可持续的优势。然而，深度求索的这一突破颠覆了支撑美国科技股估值的核心假设：即美国在人工智能领域的无可争议的霸主地位可以通过投入数十亿美元用于芯片和基础设施来进一步巩固和延续。