DeepSeek, a Chinese artificial intelligence (AI) company that develops large language models (LLMs), turned the world of AI on its head recently when it claimed that it spent just $5.6 million (note this is million, not billion) on computing power to develop its base AI model. Historically, about half of the spending on data centers goes toward servers. The claim that DeepSeek could build an LLM so cheaply sent shock waves through the markets last week, and Nvidia (NASDAQ: NVDA) was the biggest loser.