DeepSeek, a Chinese AI startup, released its R1 model, leading to questions about its development and impact. The company claims its model outperforms OpenAI's while using fewer resources. However, OpenAI has accused DeepSeek of stealing their models. Despite the excitement, there are myths to dispel. Myth #1: DeepSeek's models bring AGI closer. Reality: AGI, a model surpassing human intellect, is not achieved yet. Myth #2: DeepSeek's success proves export controls don't work. Reality: US restrictions on advanced GPUs impact China's AI development. Myth #3: DeepSeek is a threat to Nvidia. Reality: DeepSeek's R1 model may not harm Nvidia significantly. Myth #4: DeepSeek's R1 is fully open-source. Reality: R1 is free to use but doesn't meet the standard of open-source. Myth #5: DeepSeek's AI poses extra privacy risk. Reality: DeepSeek's AI carries similar privacy risks as other models. Despite the myths, DeepSeek's rise has sparked curiosity and skepticism in the tech industry. Investors and experts are closely watching its impact on the AI landscape.