DeepSeek Shockwave, Congo Crisis, and a Beetle Battle

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DeepSeek Rocks Stocks

Technology stocks dropped sharply yesterday as a cheap but powerful Chinese chatbot made waves in Silicon Valley, suggesting cutting-edge AI applications may be possible without expensive processors and intricate models. The three major US stock indexes closed mixed (S&P 500 -1.5%, Dow +0.7%, Nasdaq -3.1%). 

Known as DeepSeek, the company released its latest R1 model last week, claiming it performed as well as OpenAI's latest-generation o1 model at 3% to 4% of the cost per output (see breakdown). Officials said the model took just two months and less than $6M to build and relied on earlier-generation chips to operate. The model is both free and open source—meaning anyone can take and modify it—and R1 has become the top free download in the Apple App Store. Analysts say DeepSeek likely won't displace US AI companies but may reshape the industry's economics.

Among those hardest hit was chipmaker Nvidia, which saw almost $600B in market cap evaporate—the biggest single-day loss in history—as shares dropped nearly 17%.  

Congo City Captured

Rwanda-backed M23 rebels have captured Goma, the largest city in the eastern Democratic Republic of the Congo, causing panic among its 2 million residents. The rebels announced their takeover early yesterday following a 48-hour ultimatum for Congolese troops to surrender, marking a significant escalation in the long-standing conflict between rebels and the DRC government.

Goma, located in the North Kivu province, serves as a regional hub for humanitarian efforts and security operations. The M23 rebels, primarily an ethnically Tutsi group, are one of many armed factions vying for control in the region, which boasts an estimated $24T in mineral wealth. M23 captured Goma in 2012 but withdrew under international pressure. UN experts estimate the group has since added 3,000 to 4,000 Rwandan Defense Force soldiers. About 2.8 million people, more than one-third of North Kivu's population, have already been displaced.

The DRC has cut diplomatic relations with Rwanda and called for UN sanctions; however, both nations' presidents have reportedly agreed to meet at an upcoming summit to discuss the crisis. 

Remembering Auschwitz 

Holocaust survivors and world leaders gathered at Auschwitz in southern Poland yesterday to commemorate 80 years since the liberation of the largest Nazi concentration and extermination camp.

More than 1.1 million people, mostly Jews, were systematically executed at Auschwitz during World War II, primarily by poison gas, as part of the Nazi party's plans to form an ethnically German state (see history). Others in the camp died from mass shootings, starvation, and disease before Soviet troops arrived and freed roughly 7,000 prisoners. In total, around 6 million Jews were killed across German-occupied Europe from 1941 to 1945. Roughly 220,000 Jewish Holocaust survivors are still alive today, with ages ranging from their late 70s to over 100 years old. See a virtual tour of Auschwitz here. Listen to firsthand accounts here.

Separately, an exhibit featuring a full-scale replica of Anne Frank's home—where she hid with her parents, sister, and others before being discovered by the Nazis—opened in New York City yesterday. 

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