There has been a bull case for owning copper in recent years: copper wiring is crucial to the green transition and the AI push, yet bringing on new supply is cost and time-intensive. That should translate to high prices and strong returns in the short-term, and sustained long-term demand.

In this Bloomberg Originals mini-documentary, we reveal the cause and possible consequences of the Chinese startup’s shocking innovation.

The cause of investors’ panic was DeepSeek, an obscure Chinese hedge fund turned AI startup that has blown analysts away with its latest large language model, R1, released on January 20th. Consumers have flocked to DeepSeek’s chatbot,