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Can someone please explain to me like I'm five (or point me to an explainer) what the big Deepseek news is and why it matters?

Is this good or bad for the Nerd Reich?

[I take it as given that anything that is bad for them is probably good for everyone else. If I'm wrong on that, corrections welcome.]

I'm not dumb, just ignorant. I've had my eye on keeping immigrants safe these past few days and can't multitask quite like I used to.

Thanks.