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Hong Kong stocks advance on valuation focus as DeepSeek fans US tech rout

  • Deepseek's free chatbot has surpassed ChatGPT to become the top app on the Apple App Store's free rankings shortly after its release.
  • The release of Deepseek's R1 models caused significant losses for U.S. Tech stocks, with Nvidia experiencing a 17% drop in its share price.
  • Deepseek's advancements have led to a reevaluation of the AI landscape, with Marc Andreessen calling it 'AI's Sputnik moment.'
  • The dollar rose as reports indicated that U.S. Treasury Secretary Scott Bessent is considering universal tariffs on various goods.
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