DeepSeek, a Hangzhou-based AI start-up, has made significant progress with its innovative data format, UE8M0 FP8, which could enable local GPUs to be used for training powerful models in China despite their limited power compared to Nvidia's. This breakthrough has sparked excitement among investors, who have poured money into local GPU developer Cambricon Technologies, a Beijing-based start-up that may challenge Nvidia's dominance in the Chinese market. As a result, DeepSeek's Shanghai-listed shares have doubled in value over the past month, with a 20% single-day gain and an 11% gain on Monday following the announcement of its new data format.