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Good morning, Quartz readers!
Here’s what you need to know
Nvidia (NVDA-4.10%) CEO’s net worth dropped by $18 billion. Jensen Huang’s wealth plunged 15% as the AI chipmaker’s stock slumped.
LinkedIn’s (MSFT-1.09%) co-founder raised $25 million to fight cancer with AI. Reid Hoffman’s startup plans to target breast cancer, prostate cancer, and lymphoma first.
Costco’s (COST+0.56%) food court is getting a major makeover. This summer, the retail giant is switching back to its former beverage partner.
Egg prices keep climbing. The ongoing bird flu outbreak is hitting the egg supply, and there’s little relief in sight for customers.
Starbucks (SBUX+8.14%) is changing its vibe. Classic touches are back as the coffee giant prepares to report its first-quarter earnings after the bell on Tuesday.
The DeepSeek Dilemma
DeepSeek, a Chinese AI startup, shook up the AI industry on Monday with new models that rival OpenAI’s and Meta’s (META+0.32%) – but at a fraction of the cost and energy use.
The company’s latest model, DeepSeek-R1, has delivered competitive results on major industry benchmarks, despite using less powerful Nvidia chips than those used by U.S. firms like OpenAI and Meta.
This success has raised concerns in the tech world, triggering a sell-off in stocks like Nvidia, which supplies powerful chips to top AI companies.
Could DeepSeek’s efficient models challenge the dominance of U.S. firms? Quartz’s Britney Nguyen dives deeper.
Trump’s tariff playbook notches a quick win
A trade war between the U.S. and Colombia lasted less than 10 hours, showing that President Donald Trump’s tariff strategy can sometimes produce quick results.
The dispute began Sunday when Trump threatened 25% tariffs – rising to 50% – after Colombia refused two military planes carrying migrants. Colombia retaliated with its own tariffs, igniting the brief standoff.
By day’s end, Colombia offered its presidential plane to return the migrants, and the U.S. agreed to hold tariffs in reserve, declaring victory.
What other countries face looming tariffs by Feb. 1? Quartz’s William Gavin breaks it down.
More from Quartz
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✒️ DeepSeek is limiting sign-ups after a ‘large-scale’ cyberattack
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🍩 Krispy Kreme gave a family free donuts for a year after their baby was born in a parking lot
🥩 Perplexity AI wants to buy TikTok — and give the U.S. government a big stake
♨️ Bitcoin briefly falls below $100,000 as China AI threat sparks stock market rout
🌋’This is insane s—t’: Bill Gates blasts Elon Musk’s meddling in global politics
🦠 Nvidia stock plunges 16% as a big advance by China’s DeepSeek rattles AI investors
🚙 The 10 best deals on fuel-efficient cars, according to Consumer Reports
🗿 The fight for U.S. Steel isn’t over. Here’s what’s at stake
🥸 The 10 countries most obsessed with online shopping
🦾 LinkedIn co-founder Reid Hoffman on our AI future — and reaching out to Trump
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Our best wishes on a safe start to the day. Send any news, comments, Costco drinks, or DeepSeek deets to talk@qz.com. Today’s Daily Brief was brought to you by Francisco Velasquez and Audrey McNamara.