The API business is doing better, however API companies generally are the most prone to the commoditization tendencies that seem inevitable (and do observe that OpenAI and Anthropic’s inference costs look lots increased than DeepSeek as a result of they had been capturing a whole lot of margin; that’s going away). DeepSeek, a Chinese artificial-intelligence startup that’s simply over a year old, has stirred awe and consternation in Silicon Valley after demonstrating AI models that supply compar...