Winners and Losers After DeepSeek — ft. Robert Armstrong

This interview-style podcast discusses the significant market downturn caused by the emergence of DeepSeek, a Chinese AI startup offering AI models at drastically reduced costs. The hosts and guest, Robert Armstrong (U.S. financial commentator for the Financial Times), analyze the impact on major tech companies (Nvidia's $600 billion loss), the implications for private equity investments (record sell-offs), and the unexpectedly high unemployment among recent MBA graduates. Armstrong suggests that the market overreacted, questioning the accuracy of DeepSeek's cost claims, while also noting potential opportunities in secondary private equity markets. The discussion concludes with an analysis of the US economy's dominance and a recommendation to diversify investment portfolios beyond US stocks, particularly considering the potential for growth in European and UK markets.