DeepSeek V4 lands, underwhelms market

The hype gap is the story here: DeepSeek improved the model, but it did not recreate the shockwave from R1.

• –Official docs say V4 is live, open-sourced, and available now through chat and API with 1M context by default
• –V4-Pro targets frontier reasoning and agentic coding, while V4-Flash trades some capability for lower cost and faster responses
• –Third-party coverage suggests the model is strong, but still trails the very best closed models and at least one top open competitor
• –For developers, the practical upside is efficiency and compatibility, not a new category-defining capability jump
• –For markets, that means less panic this time: good release, weaker narrative