Markets have been roiled over the past week, initially as the release of the Chinese-developed AI model “DeepSeek” saw a sharp sell-off in AI-exposed stocks. However, there quickly followed accusations that the Chinese developer had inappropriately used the market-leading Open AI’s intellectual property in the development of its lower cost DeepSeek model. The episode plays to the old maxim that the “US innovates and China imitates”. This was followed by a further sell-off as the extent of Trump’s tariffs on key trading partners caught investors ...