Shuli Ren, a Bloomberg Opinion columnist covering Asian markets and a former investment banker, has said that China’s defence industry for “getting a DeepSeek moment”.

DeepSeek is Chinese startup that triggered a $1 trillion-plus sell-off in global equities markets earlier this year with a cut-price AI reasoning model.

“Investors are reassessing Beijing’s military capacity and potential to rise as an arms exporter,” Ren noted.

“In investing, narratives can matter a lot more than earnings or cash flow analysis,” she said, highlighting Pakistan’s recent use of Chinese J-10C planes to shoot down five Indian jets.

“India’s government has not confirmed or denied Islamabad’s claim and evidence remains inconclusive,” Ren added.

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