DeepSeek could be the "Alibaba IPO moment" for the current Chinese stock market, according to Bank of America, after Alibaba's 2014 listing led to the rise of China's "new economy" sector and attracted long-term global capital inflows. The "holy grail" of China's Al development is not necessarily "best in class", but "good enough" to support large-scale AI applications in China and drive China's productivity growth and economic growth. DeepSeek's "shock wave" is wide-ranging, and its launch is considered a "Sputnik moment" in AI, but it seems more likely to be an "Ali IPO moment" for the Chinese stock market