> the argument can be made that Deepseek is a state sponsored needle looking to pop another states bubble

Who says they don't make money? Same with open source software that offer a hosted version.

> If Deepseek is free it undermines the value of LLMs, so the value of these US companies is mainly speculation/FOMO over AGI

Freemium, open source and other models all exist. Does it undermine the value of e.g. Salesforce?