The S&P 500 and the Nasdaq falls sharply, led by Nvidia and other chipmakers as popularity of a low-cost Chinese artificial intelligence model raised investor worries about the outlooks for current AI leaders in the United States.
Nvidia’s shares were down 17%, while an index of semiconductor stocks slid 10% and was on track for its biggest single-day percentage fall since March 2020.
Nvidia was on track to lose roughly $600 billion in stock market value, the deepest ever one-day loss for a company on Wall Street, according to LSEG data. It was more than double the previous one-day record loss, set by Nvidia last September.
Chinese startup DeepSeek has rolled out a free assistant it says uses cheaper chips and less data, raising questions about investor expectations that AI will drive demand along a supply chain from chipmakers to data centers.
DeepSeek’s AI Assistant today overtook rival ChatGPT to become the top-rated free application available on Apple’s App Store in the United States.
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