JPMorgan Chase has highlighted that the launch of DeepSeek V3.2 signals the advent of the second phase of the 'DeepSeek Effect' within China's AI market. This innovative model offers open-source reasoning capabilities that closely rival those of state-of-the-art alternatives, all at a competitive cost point. Such attributes promise to deliver widespread advantages to a diverse array of stakeholders, not least among them cloud service providers. Analysts have noted that DeepSeek has slashed API pricing for its models by an impressive 30% to 70%. Moreover, its long-context reasoning capabilities can dramatically reduce workload requirements, achieving savings equivalent to 6 to 10 times the original effort. This development stands to benefit industry giants such as Alibaba and Tencent significantly. It's worth mentioning that the preceding V3.1 iteration was fine-tuned for NVIDIA CUDA compatibility. In contrast, the newly unveiled V3.2 and V3.2-Exp versions boast immediate (Day-0) support for domestic hardware platforms like Huawei Ascend. This move underscores a broader trend towards self-reliance and the adoption of indigenous hardware solutions.