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.”
The launch of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering on Monday triggered a surge in demand that overwhelmed two popular Nigerian investment platforms, Bamboo and Cowrywise.
Both platforms reported unusually high traffic as retail investors rushed to subscribe to the offer, with some users unable to log into their accounts.
Bamboo announced the access difficulties on X, attributing them to the unexpected volume of traffic generated by investors seeking to participate in the Dangote IPO.
“Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly,” the platform said.
Cowrywise also acknowledged increased traffic on its platform.
“We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone,” it said in a post on X.
The two platforms are among the approved fintech channels through which investors can subscribe to the Dangote Refinery public offer.
The rush came as the offer opened to investors on Monday, with the public offer seeking to raise about N2.15tn through the sale of 4.1 billion ordinary shares at N525 each.
Investors can subscribe for a minimum of 10 shares, valued at N5,250, a structure designed to encourage broad participation by retail investors.
The Dangote Refinery IPO is one of the largest public share offerings in Africa. The refinery, owned by the Dangote Group, plans to use the proceeds to support expansion and increase its refining capacity.
The offer has generated significant interest among retail investors, following efforts to promote the opportunity as a means of allowing Nigerians and other African investors to own shares in one of the continent’s biggest industrial projects.
The surge in demand highlights the scale of interest in the offer while exposing the pressure that high-demand investment events can place on digital platforms.
The Securities and Exchange Commission had earlier warned investors against unauthorised promotions relating to a purported Dangote Refinery IPO before the formal offer received regulatory approval.
In June, the commission said no application for the IPO had been filed or approved at the time and directed capital market operators to stop accepting deposits or expressions of interest.
Following regulatory approval, the Dangote Refinery public offer was cleared to proceed, with the company publishing a list of approved banks, fintechs, mobile operators and NGX Invest through which investors can subscribe.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 14th September 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.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 14th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1390 and buy at ₦1380 on Monday, 14th September, 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 ₦1390
Buying Rate ₦1380
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1330
Lowest Rate ₦1326
The pump price of petrol has risen to as high as N1,430 per litre in parts of Abuja following an increase in the wholesale price of Premium Motor Spirit by the Dangote Petroleum Refinery.
The refinery raised its gantry price from N1,265 to N1,350 per litre, representing an N85 or 6.7 per cent increase, as international crude oil prices continued to climb.
The latest adjustment has already triggered fresh increases at filling stations across the Federal Capital Territory, with motorists paying between N1,395 and N1,430 per litre, depending on the outlet.
Checks in Abuja on Sunday showed that MRS filling stations had moved their pump price from N1,350 to N1,395 per litre, while NIPCO increased its price to N1,430. Mobil outlets also raised theirs to N1,400 per litre.
An attendant at an MRS outlet, who spoke on condition of anonymity, said motorists should expect another increase as stations begin receiving products purchased at the new depot price.
“We are currently selling our old stock at N1,395 per litre, but from tomorrow, once the new stock arrives, the price will be higher,” she said.
The development has raised concerns among economists and other stakeholders over its likely effect on transportation, food prices and the wider cost of living.
An economist and development expert, Aliyu Ilias, warned that another increase in petrol prices could push up inflation, arguing that higher fuel costs would eventually be reflected in transportation and production expenses.
Similarly, former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, urged the Federal Government to strengthen regulation and economic planning to cushion consumers from fluctuations in global crude prices.
Lakemfa argued that domestic petrol prices should not automatically rise whenever geopolitical tensions cause crude prices to increase internationally, stressing that Nigeria’s status as a crude oil producer should give it an advantage in refining and supplying petroleum products locally.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had been forced to adjust their pump prices following successive changes in the refinery’s pricing.
Ukadike said the frequent adjustments were creating uncertainty for both petroleum dealers and consumers because the cost of replacing existing stock could change within a short period.
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