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How deepseek tanked NVIDIA stocks by 600 billion dollars?
Global investors dumped tech stocks on Monday as they worried that the emergence of a low-cost Chinese artificial intelligence model would threaten the dominance of AI leaders like Nvidia (NVDA.O), opens new tab, evaporating $593 billion of the chipmaker's market value, a record one-day loss for any company on Wall Street.
Last week, Chinese startup DeepSeek launched a free AI assistant that it says uses less data at a fraction of the cost of incumbent services. By Monday, the assistant had overtaken U.S. rival ChatGPT in downloads from Apple's (AAPL.O), opens new tab app store.
This led the tech-heavy Nasdaq (.IXIC), opens new tab to fall 3.1% on Monday. Nvidia was the Nasdaq's biggest drag, with its shares tumbling just under 17% and marking a record one-day loss in market capitalization for a Wall Street stock, according to LSEG data.
Nvidia's market-cap loss on Monday was more than double the previous one-day record, set by Nvidia last September.
The Nasdaq's next-biggest drag was chipmaker Broadcom Inc (AVGO.O), opens new tab, which finished down 17.4%, followed by ChatGPT backer Microsoft (MSFT.O), opens new tab, which fell 2.1% and then Google parent Alphabet (GOOGL.O), opens new tab, which ended down 4.2%.