The buzz around Chinese AI company DeepSeek recently caused quite a stir — not just globally, but also in China’s stock market. Several public companies saw their share prices skyrocket after rumors of their involvement with DeepSeek went viral. The catch? There’s no proof any of these firms actually have ties to the AI powerhouse.

For instance, Huajin Capital and Zhejiang Orient jumped by 10%, while Sublime China Information surged a whopping 20%. Both Huajin and Sublime have since denied any connection to DeepSeek, and Zhejiang Orient has remained silent. These daily jumps are as high as Chinese exchange rules allow, showing just how wild the speculation has gotten.

So, where did these rumors come from? Apparently, unverified lists circulating online claimed these companies were investors or partners of DeepSeek. But DeepSeek itself has never shared any funding details publicly, and corporate records show its founder, Liang Wenfeng, is the sole beneficial owner of its entities. Wenfeng has even stated that DeepSeek has no plans to raise external funds.

Last year, Wenfeng mentioned that venture capitalists seemed more interested in commercialization than backing research-focused companies like DeepSeek. Yet, the hype remains, proving how easily speculation can drive market behavior.

As of now, DeepSeek hasn’t responded to inquiries about these rumors. For investors, it’s a reminder to tread carefully when hype outpaces facts.