DeepSeek’s latest models, created by a small company with limited resources, are already beating many of the leading AI models in the United States.

SINGAPORE—A Chinese artificial-intelligence company has Silicon Valley marveling at how its programmers nearly matched American rivals despite using inferior chips. AI models from DeepSeek, the Chinese company,

Fears that the AI gold rush could be under threat rocked Wall Street on Monday following the emergence of a ChatGPT-like model from China, triggering predictions of turmoil for Silicon Valley and accusations of cheating.