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A newly launched AI model called DeepSeek, developed by a China-based startup, is causing a major stir in the U.S. tech industry. The reason? It’s outperforming Big Tech’s AI heavyweights while reportedly operating with significantly less funding and fewer technological resources. Here’s how DeepSeek is shaking up the AI landscape and why it’s being compared to OpenAI’s flagship model, ChatGPT. When it comes to AI outputs, user preferences will always depend on specific use cases, and DeepSeek isn’t without its shortcomings. For example, some users have reported that answers on its hosted chatbot are censored due to Chinese government regulations. However, what sets DeepSeek apart is its commitment to openness—something OpenAI initially promised with ChatGPT but never fully delivered. Unlike ChatGPT, DeepSeek released its R1 model as open-source. This allows anyone to download and run the model locally on their own device, ensuring complete data privacy. Even the company acknowledges that users can bypass censorship or bias by tweaking the open-source code. DeepSeek also stands out for its affordability. While OpenAI reportedly spends tens of millions of dollars to train each model, DeepSeek claims to have trained its R1 model for just $5.5 million. This cost efficiency translates to significantly lower pricing for users. API access for DeepSeek-R1 starts at just $0.14 per million tokens (approximately 750,000 words). In comparison, OpenAI charges $7.50 per million tokens for its GPT-4 model. The stark difference in pricing could make DeepSeek a highly attractive alternative for both individuals and businesses. While ChatGPT continues to excel in areas such as conversational flow, creative writing, and staying updated on current events, DeepSeek is earning high praise for its technical capabilities. Tasks involving logical reasoning, coding, and complex mathematical equations are where DeepSeek seemingly outshines OpenAI’s model. For general queries, however, both models appear to perform on a similar level. But even parity spells trouble for OpenAI. DeepSeek offers its model entirely free for many use cases, while ChatGPT’s premium tier costs $20 per month. For businesses reliant on AI API access, the pricing gap between two comparable models may be a game-changer. If DeepSeek can deliver similar or better performance at a fraction of the cost, it could drive companies to transition away from OpenAI’s ChatGPT. With its open-source ethos, affordability, and technical strengths, DeepSeek is positioning itself as a serious competitor in the AI race—one that Big Tech can no longer ignore.

VIETNAM: A Memorandum of Understanding (MoU) was signed today between, Saigon Jim Brother’s Corporation (EVM), Solarvest (Vietnam) Company Limited (“Solarvest”), and Power Engineering Consulting Joint Stock Company 2 (PECC2), marking the start of a strategic partnership aimed at accelerating the adoption of a renewable energy solution in Vietnam. This collaboration focuses on leveraging the Direct Power Purchase Agreement (DPPA) Mechanism via National Grid to supply a large amount of green electricity by Solarvest and PECC2 to EVM’s operations in Vietnam, playing a part in facilitating sustainable energy projects and drive Vietnam’s clean energy transition. After years of research, the Vietnamese Government issued Decree 80/2024/ND-CP on July 3, 2024, regulating the mechanism for direct power purchase agreement (DPPA) between renewable energy generators and large electricity consumers. Among the two types of DPPA outlined in this Decree, the DPPA through the national grid, also known as the virtual DPPA, is the option selected by the parties under this MOU. This mechanism allows EVM, who has substantial renewable energy needs, to access a utility-scale renewable energy generating source, a solar farm project, with electricity purchases made through the national grid. EVM, Solarvest and PECC2 recognize that this DPPA Mechanism presents a unique opportunity to overcome barriers to renewable energy adoption, including accessible, regulatory, financial, and technical challenges. By uniting their expertise, the parties aim to streamline the adoption of renewable energy solutions and accelerate participation in the DPPA Mechanism for solar energy projects. Speaking at the event, Global Vice President – Sales, Assets & Marketing of Solarvest, Mr. Jack Tan Qi Jie, emphasized the importance of partnerships in achieving sustainability: “This partnership between EVM, Solarvest and PECC2 is more than a collaboration—it’s a strategic alignment of expertise and shared values. Together, we are addressing one of the most critical challenges businesses face today: the transition to renewable energy in a way that is both economically viable and operationally efficient. Solarvest brings years of experience in clean energy development, with over 1,300MW of renewable energy projects across Asia-Pacific. By combining our proven financial models with the technical expertise of PECC2 and the innovative drive of EVM, we are creating tailored solutions that enable businesses to achieve their sustainability goals without compromising profitability. We see that The DPPA via National Grid marks an important milestone in Vietnam’s energy transition and it is expected to transform Vietnam’s energy market, policies, and power system operations toward achieving NET ZERO and excited to be a part of this progress as a pioneer.” Mr. Emil Lin, CSR Senior Manager of Saigon Jim Brother’s Corporation (EVM), commented: “As a footwear manufacturing company in Vietnam for a top international brand, sustainability is at the core of our operations. This cooperation with Solarvest and PECC2 marks a pivotal step in our journey toward achieving our turning green targets. By integrating renewable energy into our production processes, we are not only reducing our carbon footprint but also aligning with EP Group’s global sustainability goals. This collaboration demonstrates our commitment to innovation and environmental stewardship as we continue to lead by example in the manufacturing industry.” Representing PECC2, Mr. Nguyen Hai Phu, Chief Operating Officer of PECC2 said: “This collaboration with Solarvest and EVM represents a significant step forward, allowing PECC2 to provide large-scale green electricity to EVM’s operations in Vietnam. This partnership signifies more than a legal agreement; it demonstrates a shared vision to overcome challenges in renewable energy adoption. By combining our expertise, we aim to address accessibility, regulatory, financial, and technical hurdles, thereby streamlining the implementation of renewable energy solutions and enhancing participation in the DPPA Mechanism for renewable energy projects.”

KUALA LUMPUR: Bursa Malaysia Bhd has announced its plans to begin succession planning for its chief executive officer, following reports that Datuk Muhamad Umar Swift is preparing to step down from the stock exchange regulator. Recent media reports have named RHB Bank Bhd’s managing director of Group Wholesale Banking, Datuk Fad’l Mohamed, as a potential successor. In a brief statement, Bursa Malaysia confirmed it has a comprehensive talent development and succession framework that evaluates both internal and external candidates for leadership roles. “The board of Bursa Malaysia, through its Nomination and Remuneration Committee, is currently working on CEO succession. An announcement will be made once the process is finalised,” the company stated in its filing with Bursa Malaysia Securities. Datuk Muhamad Umar Swift has served as CEO since February 11, 2019. Under his leadership, Bursa Malaysia achieved notable milestones, including 55 initial public offerings in 2024, marking the highest number of listings in 19 years.

ExtraHop®, a leader in cloud-native network detection and response (NDR), today announced Rob Greer has joined as its Chief Executive Officer to lead the company through its next phase of growth following a banner year in 2024. As large enterprises increasingly recognize NDR as a critical component of their security stack, ExtraHop delivered more than $300 million in total bookings in 2024. The company closed the year with more than 40 different customers contributing $1 million+ in annual recurring revenue (ARR) and added several new Fortune 100 clients, including major U.S. banks and global corporations, to its roster. Building upon this momentum, Greer, an industry veteran with a proven track record leading and scaling network security companies, will work alongside Greg Clark, who will transition to Executive Chairman of the ExtraHop Board of Directors and remain an active member of the leadership team, supporting customers, partners, and strategic initiatives. “ExtraHop achieved tremendous success in the last year, growing our customer base, disrupting the market with industry-leading innovations, and receiving prestigious analyst recognition and awards,” said Greg Clark, Executive Chairman, ExtraHop, and Managing Partner, Crosspoint Capital Partners. “ExtraHop is well-positioned to accelerate its roadmap as more organizations realize the power of the RevealX™ NDR platform and its ability to solve many of their security challenges. Rob’s deep expertise and relationships across the industry will prove instrumental as we further expand our market share.” Greer brings with him 30 years of experience successfully developing scalable businesses, driving profitable go-to-market strategies, and leading product innovation. His career includes key roles at prominent network security organizations, including HP Tipping Point, Forescout Technologies, Blue Coat Systems, and SonicWALL, where he supported the largest enterprises across the globe. Greer most recently served as General Manager of Broadcom’s Enterprise Security Group Division, overseeing the merger between Symantec and Carbon Black. Previously, he played a pivotal role in Forescout Technologies’ successful IPO in 2017. He is also an Operating Partner at Crosspoint Capital Partners. Greer joins an experienced go-to-market leadership team, which recently welcomed Richard Rogers (Chief Marketing Officer), Kevin Carney (Head of North American Sales), and Greg LaBelle (Vice President of Channels – Americas) to its ranks. “The ExtraHop team has laid an incredible foundation in the NDR market, garnering a loyal customer base and revolutionizing how enterprises approach cybersecurity and risk management with the most in-depth network telemetry,” said Rob Greer, CEO, ExtraHop. “We’ve now entered a new phase of growth that will empower us to reach even more customers across the globe with a robust platform that supports all of their network-centric detection and response needs and together we will reach new heights.”  

KUALA LUMPUR: The Asia School of Business (ASB) convened the preliminary launch of the Tun Ismail Ali Center of Excellence in Monetary and Financial Economics (TIA CoE), a Bank Negara Malaysia (BNM) endowed research center. The event brought together leading central bankers, policymakers, and academics to celebrate the inauguration of the center at ASB. Distinguished speakers included Tan Sri Dr. Zeti Aziz, founding Chair and Co-Chair of the Board of Governors of ASB and former Governor of BNM, who highlighted that Bank Negara Malaysia had established the Tun Ismail Ali Chair at Universiti Malaya 25 years ago, in August 2000. “This Tun Ismail Ali Center of Excellence that is now being established at ASB is aimed at strengthening further the academic and professional knowledge in the area of financial and monetary economics in Malaysia and more broadly in the emerging world.” Meanwhile, BNM Governor Abdul Rasheed Ghaffour in his keynote address emphasized that the center is able to facilitate policymakers to effectively address the upcoming global macroeconomic challenges. He added that the center is also committed to providing training and development opportunities, inline with the center’s long-term objectives for capacity building. “By enhancing the skills and knowledge of our local talent, the center aims to elevate the overall capacity of our institutions”, he said. In her keynote address, Professor Hélène Rey, Lord Bagri Professor of Economics at the London Business School spoke on the global financial cycles and their impact on emerging markets. Her pioneering research delved into the complex dynamics of financial intermediaries, implying how risk-taking varies across institutions and the challenges this poses for monetary policy. Professor Rey’s in-sights included the trade-offs that policymakers face in managing these dynamics, emphasizing the importance of balancing economic growth with financial stability in a global landscape. In welcoming the TIA CoE to ASB, Professor Melati Nungsari, Deputy Dean of Research at the Asia School of Business, highlighted, “It is an exciting opportunity to have TIA CoE join ASB, contributing to the school’s ongoing commitment to delivering cutting-edge research, particularly in monetary and financial economics. This new center will help address key challenges, stimulate discussions, and serve as a hub for academic knowledge sharing and research.” She further noted that over the past decade, emerging markets now account for over 60% of global GDP growth, and employ approximately 85% of the global workforce, emphasizing the crucial role of innovative research in shaping the future of these economies. “TIA CoE will play a role in supporting research and dialogue on contemporary monetary policy issues facing central banks,” said Professor Ho Sui-Jade, co-director of TIA CoE alongside Professor Ozer Karagedikli. “We are excited to collaborate with BNM and the broader academic community to foster research and knowledge exchange between local academics and other researchers in these areas globally.” The Tun Ismail Ali Center is committed to advancing research in monetary and financial economics, enhancing the capacity of local higher education, and broadening public engagement. As a dedicated research hub for central banking issues in emerging markets, the center will host central bankers, scholars, and researchers to pursue research that support the center’s objectives. TIA CoE will also facilitate academic knowledge sharing through conferences, seminars, and other research events, while providing training and advisory services to central banks and relevant organizations to further its mission. In the lead up to the TIA CoE’s official launch later this year, the center will establish a grant application process for researchers interested in conducting research aligned with the center’s goals.