DeepSeek V4 Is the Largest Open-Source AI Model Ever Built. It Runs on Chinese Chips. And It Costs 1/7th of what you’re Paying Now. Press enter or click to view image in full size Photo by Solen Feyissa on Unsplash 📬 This article was first published on The Nov Tech newsletter 🔗 Subscribe for exclusive analysis. Medium non-members can read over there for free. You might remember what happened in January 2025. A Chinese startup that almost nobody outside the AI research community had heard of published a model that crashed Wall Street in hours. Hundreds of billions of dollars in market value evaporated because a team in Hangzhou had proved you could build a frontier AI model without spending billions. DeepSeek R1 matched the best from OpenAI, Anthropic, and Google at a reported training cost of $5.6 million. Andrej Karpathy, co-founder of OpenAI, called it a joke. Not the model. The budget. The markets recovered. Investors exhaled.…