Economy
‘Our advantage may not last,’ US tech investors fear amid emergence of China’s Deepseek
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The emergence of the DeepSeek chatbot has sent Silicon Valley into a frenzy, with calls to go faster on advancing artificial intelligence and beat communist-led China before it is too late.
California tech investors have usually kept their involvement in politics low key, generally supporting centrist politicians who don’t get in the way of their innovations and business plans.
But the AI revolution, and the potential ability of China to pose a direct threat to US dominance, has unnerved tech investors, who are now calling on the Donald Trump-led US government to help them take the battle to their Chinese rivals.
“It’s a huge geopolitical competition, and China’s running at it super hard,” warned Facebook titan Mark Zuckerberg on the Joe Rogan podcast.
He noted that DeepSeek is “a very advanced model” and that it censors historical events like Tiananmen Square, arguing that “we should want the American model to win.”
Google, though not specifically mentioning DeepSeek, on Wednesday said the United States must take urgent action to maintain its narrow lead in artificial intelligence technology or risk losing its strategic advantage.
“America holds the lead in the AI race — but our advantage may not last,” it warned, calling for government help in AI chip production, streamlining regulations and beefing up cybersecurity against national adversaries.
The emergence of DeepSeek’s lower cost breakthrough particularly threatens US-based AI leaders like OpenAI and Anthropic, which have invested billions in developing leading AI models.
OpenAI raised alarms Tuesday about Chinese companies attempting to copy their advanced AI models through distillation techniques, announcing plans to deepen collaboration with US authorities.
OpenAI investor Josh Kushner criticized so-called “pro-America technologists” who praise what he claims is Chinese AI built with misappropriated US technology.
Palmer Luckey, a Trump-supporting tech entrepreneur, suggested DeepSeek’s success was being amplified to undermine Trump’s policies.
– ‘Fall behind’ –
Despite US government efforts to maintain AI supremacy through export controls on advanced chips, DeepSeek has found ways to achieve comparable results using authorized, less sophisticated Nvidia semiconductors.
The app’s popularity has soared, topping Apple’s download charts, with US companies already incorporating its programming interface into their services.
Perplexity, an AI-assisted search engine startup, has begun using the technology while claiming that it keeps user data within the US.
The tech community can count on Washington, where concern about China has achieved rare bipartisan consensus.
Last year, Republicans and Democrats passed a law ordering the divestment of TikTok, a subsidiary of the Chinese group ByteDance.
“If America falls behind China on AI, we will fall behind everywhere: economically, militarily, scientifically, educationally, everywhere,” the US Senate’s top Democrat Chuck Schumer said Tuesday.
“China’s innovation with DeepSeek is jarring, but it’s nothing compared to what will happen if China beats the US on the ultimate goal of AGI, artificial general intelligence. We cannot, we must not allow that to happen.”
Representative Mark Green, a senior Republican said “let’s set the record straight — DeepSeek R1 is another digital arm of the Chinese Communist Party.”
However, some argue this aggressive approach may backfire, given Silicon Valley’s reliance on Chinese talent.
Nvidia researcher Zhiding Yu highlighted this concern on X, noting how a Chinese intern from his team joined DeepSeek in 2023.
“If we keep cooking up geo-political agendas and creating hostile opinions to Chinese researchers, we will shoot ourselves in the foot and lose even more competitiveness.”
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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