India, Jan. 27 -- A Chinese AI startup has shaken the Silicon Valley after presenting breakthrough artificial intelligence models that are now overtaking world's best chatbots at a fraction of the cost.

DeepSeek's AI Assistant has take over rival ChatGPT to become the top-rated free application available on Apple's App Store in the United States.

DeepSeek was founded in 2023 by Liang Wenfeng, an engineer and entrepreneur who specialises in artificial intelligence and quantitative finance. Before creating DeepSeek, he led a hedge fund known for using AI to analyse financial data.

Now Liang's team includes fresh graduates from top Chinese universities. The company has now developed AI models that are open-source and helping developers to...