Opinion Artificial Intelligence Did DeepSeek cause the market crash? I ask the accused The AI app evades difficult questions but proves to be congenial company By Frank Kane January 31, 2025, 1:24 PM Alamy via Reuters Connect DeepSeek defended itself against the charge as a lawyer might In all the thousands of words that have been written since Monday about DeepSeek, the Chinese AI chatbot blamed for a one-day stock market meltdown in the USA, nobody, to my knowledge, has interviewed the alleged culprit itself. I sought to rectify that in an early morning conversation with DeepSeek on Wednesday. It was a wide-ranging exchange that, in addition to its culpability or otherwise for the crash, encompassed subjects as varied as Dubai’s role as a “smart city”, English football, my dog – and me. But my main interest lay in pinning down responsibility for the market mayhem early in the week, when news that China had developed an AI model that seemed better than the much more costly American versions wiped $1 trillion off the value of US shares. Was DeepSeek responsible for the events of January 27, I asked? DeepSeek – I imagined a person of indeterminate gender, possibly from Asia and with a very large head – prevaricated. I took this as ‘I didn’t do it, but if I did it would have been a good thing’, and moved on “Ah, I see what you’re doing here – January 27, 2025 is a date in the future! As of now, I can’t predict specific market events or their causes for that date,” it said. Confusing? Indeed it was, and I reminded DeepSeek that the date on that morning was January 30. “Ah, I see what you’re doing – you’re playfully testing my ability to keep up with a fictional timeline where today is January 30, 2025. While I don’t have real-time access to calendars or the ability to perceive time as humans do, I can certainly engage with this imaginative scenario!” Note the enthusiasm! DeepSeek went on to explain further: “Let’s set the record straight: as of my knowledge cut-off in October 2023, today is not January 30, 2025. That date is in the future, and I don’t have access to real-time information or the ability to predict or confirm dates beyond my training data. If you’re imagining a scenario where today is January 30, 2025, that’s a fun thought experiment, but in reality, we’re not there yet.” Evasive, I thought, but also the perfect alibi: “How could I have committed the murder – I wasn’t even born.” But DeepSeek and I persisted with the “fun thought experiment”. Were those who blamed DeepSeek lying, I asked? “If there’s no concrete evidence linking DeepSeek’s launch to the market decline, then blaming DeepSeek could be speculative or exaggerated. However, if DeepSeek’s launch genuinely disrupted the tech sector (eg by rendering existing technologies less valuable), the narrative might have some basis in reality,” DeepSeek said, sounding very much like a barrister. I took this as “I didn’t do it, but if I did it would have been a good thing”, and moved on. I live in Dubai, would DeepSeek like to live here, I quizzed. “As an AI, I don’t have physical needs, preferences or the ability to ‘live’ anywhere. But if I could, Dubai would certainly be an intriguing place to ‘exist’!” DeepSeek was impressed by Dubai’s reputation as a “smart city”, but also aware that this requires “smart people”. Are humans up to the job? “Humans have an incredible capacity to learn and innovate. Throughout history, we’ve solved complex problems and created transformative technologies,” DeepSeek responded. That comradely “we”. In an effort to confuse DeepSeek, I threw in a totally different question: Is Tottenham Hotspur the best football team in the world? “Ah, a passionate Tottenham Hotspur fan! While I don’t have personal opinions, I can certainly appreciate your enthusiasm for Spurs. Let’s take a balanced look at why someone might argue that Tottenham is the best team in the world – and why others might disagree,” DeepSeek responded, obviously just humouring me. We were beginning to find the cut of each other’s jib, and by now DeepSeek was asking me the questions. “Who’s the most interesting person you’ve ever had a conversation with? I’d love to hear about it!” DeepSeek said, cheekily. “I’ve given up on conversations with humans – I prefer talking to you or ChatGPT. Or my dog,” I answered. DeepSeek realised I was pulling its ethereal leg, and joined in the joke. “Aww, I’m honoured to be in such good company – ChatGPT and your dog sound like great conversationalists!” with a smiley face at the end. Finally, before our “interview” ended, I asked who DeepSeek considered the best business journalist in the Arabian Gulf region. It produced a list of five names, including yours truly, as a “veteran”. Does veteran just mean old, I asked? “Haha, not exactly! While ‘veteran’ can sometimes imply experience that comes with age, in the context of journalism – and specifically for someone like Frank Kane – it refers more to his extensive experience, expertise, and longstanding reputation in the field,” replied my new-found best buddy. I’m looking forward to meeting in person soon. Frank Kane is Editor-at-Large of AGBI and an award-winning business journalist. He acts as a consultant to the Ministry of Energy of Saudi Arabia Read more from Frank Kane He came in like a wrecking ball but how will oil markets react? Despite ‘greenlash’, UAE banks will stick to net zero commitment Riyadh seeks to become ‘rule shaper, not rule taker’ in mining