JPMorgan analyst Harlan Sur and Citi analyst Christopher Danley said in separate notes to investors that because DeepSeek used a process called “distillation” — in other words, it relied on Meta’s (META) open-source Llama AI model to develop its model — the low spending cited by the Chinese startup (under $6 billion to train its recent V3 model) did not fully encompass its costs.

“We believe it is crucial to validate these costs before drawing conclusions,” Sur wrote.

Danley added: “Given Deepseek is based on leveraging cloud service providers [Meta] and AI is still in its infancy, we lean towards the argument of continued strong growth in AI spending.”

Even so, DeepSeek “clearly doesn’t have access to as much compute as US hyperscalers and somehow managed to develop a model that appears highly competitive,” Raymond James analyst Srini Pajjuri wrote in a note to investors Monday.

所以
藍蛆蛆門
不要異想天開.天天妄想詛粿的美好