China's DeepSeek fuels US stock market chaos: Tech stocks slump, NVIDIA plunges 17%
Chinese AI startup DeepSeek has emerged as a strong competitor, causing a major sell-off in US tech stocks. Nvidia witnessed a dramatic 17.95% drop. DeepSeek’s R1 model, which matches US-developed AI systems at a lower cost, has raised investor concerns about the future of AI investments. Accusations of secret access to NVIDIA’s chips add to the controversy.
Chinese AI startup DeepSeek has emerged as a strong competitor, causing a major sell-off in US tech stocks. Nvidia witnessed a dramatic 17.95% drop. DeepSeek’s R1 model, which matches US-developed AI systems at a lower cost, has raised investor concerns about the future of AI investments. Accusations of secret access to NVIDIA’s chips add to the controversy.
