DeepSeek
The hedge-fund side project that wiped $589B off Nvidia in a day.
▶ Founder shortScalingAI & creator toolsAIDev toolsAgentsChina
Liang Wenfeng ran High-Flyer, a quant hedge fund that had stockpiled thousands of Nvidia GPUs to trade. In 2023 he pointed them at AI and spun out DeepSeek. Its R1 reasoning model, reportedly trained for under $6M, matched the US frontier labs and shipped open-weights — and on 27 January 2025 the shock erased $589B of Nvidia's market value in a single session. DeepSeek is why cheap, open models are now table stakes for every builder.
Why it's indexed
- R1 reportedly trained for under $6M, released open-weights.
- Triggered the largest one-day market-cap loss in history: $589B off Nvidia.
- Spun out of a quant fund's GPU stockpile, not a VC round.
Coverage
Founder short: Liang Wenfeng & DeepSeekFounder short
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