Up until a few weeks ago, few people outside the world of Chinese finance knew the name Liang Wenfeng. There were few images of his face before January 20, when the new champion of artificial intelligence (AI) was welcomed by Chinese Prime Minister Li Qiang, alongside a handful of experts, to discuss the successes and challenges of the world's second-largest economy. The young entrepreneur was dressed in a light gray suit and sweater − while everyone else had opted for dark jackets − his bangs hanging loosely over the top of his thick-rimmed glasses, which enhanced his geeky appeal in this first appearance on the highly official 7 pm state television news.

This was the Chinese people's first glimpse of their new hero − just 40 years old − in the technological race with the US. For on that same day, almost as a sideline to his career as a successful financier, Liang had launched DeepSeek, his new AI model, open-source and free of charge. Developed at a mere fraction of the cost and computing power of those of the American tech giants, this AI has shaken up Silicon Valley and captivated Wall Street. Even Sam Altman, ChatGPT's creator, took note: "DeepSeek's R1 is an impressive model, particularly around what they're able to deliver for the price."

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