Export controls need to be tightened after revelations the Chinese company used Nvidia technology, the leaders of a congressional committee said.

Two U.S. Congress members are calling on President Donald Trump's administration to consider restricting the export of artificial intelligence chips made by Nvidia , alleging Chinese AI firm DeepSeek has relied on them.

DeepSeek’s AI models reportedly rival OpenAI’s for a fraction of the cost and compute.

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.

American AI stocks got sucker punched after China's DeepSeek app reportedly showed advancements against rivals sending investors into sell mode, shaving 3% off the Nasdaq.

NVIDIA, the world's most valuable company until Monday, lost $600 billion of market value in a single day, the biggest in US stock history.

DeepSeek claims it costs them less than $6 million to train its latest AI models, while it costs ChatGPT $100 million. DeepSeek is able to charge only $0.14 per 1 million input tokens, compared to $15 at OpenAI. Token input pricing has to do with the amount of text that goes into training the AI language models.

However, discussions on the matter are currently at an early stage as the new team works through policy priorities