Leaders at Microsoft and Meta told investors that China’s DeepSeek doesn’t harm their businesses and that they will still spend billions on AI data centers.

Liang Wenfeng's firm, DeepSeek, emerged from the setbacks of his previous hedge fund, leveraging limited resources and local talent to disrupt the global AI supply chain. Despite constraints, DeepSeek's rapid rise has raised questions about AI innovation costs and China’s competitive momentum.

World shares are mostly lower after Wall Street edged back from its record highs on Monday. US stock futures sank as investors weighed a significant challenge from a Chinese firm, DeepSeek, to US dominance in artificial intelligence (AI).

Meta Platforms Inc. posted sharply higher profit and revenue for its fourth quarter on Wednesday, thanks to higher ad revenue on its social media properties