Billionaire British hedge fund manager Christopher Rokos believes DeepSeek’s open-source large language model should raise investment into artificial intelligence — not lower it. He also expects risk premia to remain elevated due to “violent and frequent communication from the Trump administration.”
The Jevons paradox in AI
In his year-end letter for Rokos Capital Management, he noted that the launch of DeepSeek’s LLM routed technology names in 2024, triggering a significant sell-off. The market feared that the company’s apparently more efficient models would reduce AI investments because they require less computing power for training.
