Curious thought: could those large price movements have something to do with the fact that DeepSeek is financed by a hedge fund (rather than the more typical VC)? It is unclear how DS will make money from its current strategy of sharing much of the secret sauce that went into training as well as releasing the results under permissive licenses. But if the play was "short major tech stocks and then release surprising results in a way that maximally undermines their current growth story", then it could make a lot more sense.