DeepSeek Debrief: 128 Days Later, Operations and Market Update

It has been a little over five months since the public release of DeepSeek R1 (January 2025), the first widely available model that matched the reasoning behavior associated with frontier systems. The launch triggered anxiety about commoditization after list prices of $0.55/Mtok input and $2.19/Mtok output—more than 90% below then-flagship rates. Since then, reasoning-model prices have compressed broadly; a leading...

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