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1、 5 Feb,2025 Industry Update DeepSeek Impact Low-cost AI model to widen range of AI applications over long term ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ARE LOCATED IN APPENDIX.Calvin Wei Calvin.W Jorge Chang Jorge.C Anthony Lau Anthony.L Chuanchuan Chen Chuanchuan.C Alex Su Alex.S Jerry Chen

2、Jerry.MW.C Amber Chen Amber.C Liz Yu Our View DeepSeek has risen to the top of Apple Stores downloads in 157 countries.This open-source AI model cost US$5.6 mn to develop,much lower vs OpenAIs US$100 mn.We attribute DeepSeeks success to 1)its analysis of OpenAIs operating models;2)lowering costs via

3、 distillation;and 3)its open-source strategy,which allows free access for general consumers.DeepSeek,as a low-cost and convenient AI platform,will help widen AI applications,favorable for AI PC,VGA card,IPC,robot,infosec/software,and ASIC IC sectors.DeepSeek AI DeepSeek AI model launch stuns the mar

4、ketmodel launch stuns the market DeepSeek is now the number one free app in China and US Apple Stores,with higher downloads vs ChatGPT in some regions.It remains the leader in Apple Store downloads in 157 countries.It is an open-source AI model that adopts H800 chips of lower computing power,given r

5、estrictions on chip exports to China,with a much lower development cost of US$5.6 mn vs OpenAIs US$100 mn,highlighting its low-cost and performance strength.Key factorsKey factors of itsof its successsuccess We attribute DeepSeeks success to 1)1)A Analysis of OpenAInalysis of OpenAIss operating oper

6、ating models:models:DeepSeek has analyzed AI forerunner OpenAIs operating models,including ChatGPT-4s input/output model,model architecture,inference rules,and AI generation model;2)2)L Loweroweringing costscosts,via the use of distillation technology,which compresses an AI model to transfer knowled