Nvidia: DeepSeek AI ‘Excellent’, Trumps Global Tariff Pledge & UK Pension Shakeup

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) A Chinese AI startup called DeepSeek has released a new open-source AI model called R1 that can mimic human reasoning, rivalling or outperforming leading US developers on industry benchmarks. (2) Nvidia's plunge, fueled by investor concern about Chinese artificial-intelligence startup DeepSeek, erased a record amount of stock-market value from the world’s largest company. (3) President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%, the latest in a string of signals Monday that he’s preparing widespread levies to reshape US supply chains. (4) The US Senate confirmed Scott Bessent as the next secretary of the Treasury, becoming the chief economic spokesman for President Donald Trump and his sweeping agenda of tax cuts, deregulation and trade rebalancing. (5) The UK plans to allow companies to invest pension funds surpluses in order to unlock billions of pounds to help drive economic growth, Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves will tell executives at some of Britain’s biggest firms on Tuesday. See omnystudio.com/listener for privacy information.