A Chinese firm called DeepSeek managed to upend global markets at the start of the week, to drag down chipmaker Nvidia — and to surge to No. 1 in the iPhone app store, all in basically no time at all.

Today, in this bonus episode, we talk through the news behind the freakout. How is a new A.I. model from one Chinese A.I. company making such a big splash? And what does it mean for the U.S. artificial intelligence industry?

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This week, TikTok died, came back to life — and now exists in a kind of limbo state. We break down what that may signal for how tech does business with the new Trump administration. Then we pump up the fun with memecoins and explore how the Trump family is cashing in. And finally, MSNBC’s Chris Hayes joins us to discuss his new book about attention.

Guest:

• Chris Hayes,  Host of MSNBC's "All In With Chris Hayes" and author of “The Sirens’ Call”

Additional Reading:

• TikTok Comes Back From the Dead
• Trump’s Cryptocurrency Surges to Become One of the World’s Most Valuable
• Chris Hayes: I Want Your Attention. I Need Your Attention. Here Is How I Mastered My Own.
• The 100 Best Books of the 21st Century

We want to hear from you. Email us at [email protected]. Find “Hard Fork” on YouTube and TikTok.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

Hosts Kevin Roose and Casey Newton explore stories from the wild frontier of tech.

What’s real? What’s hype? “Hard Fork” is here to help you make sense of it. Tune in every Friday.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.