DeepSeek's breakthrough in artificial intelligence is helping to drive money back from Indian equities to Chinese equities. Hedge funds are flooding into Chinese equities at the fastest pace in months, compared with record outflows from India amid concerns about slowing economic growth. In the past month, the total value of China's onshore and offshore stock markets has increased by more than $1.30 trillion, while the value of the Indian market has decreased by more than $720 billion, as funds have been reallocated. The MSCI China index is on track to outperform its Indian counterpart for the third month in a row, its longest lead in two years.