Reported 2 days ago
Nvidia's stock plummeted nearly 17%, leading to a record loss of $589 billion in market cap, following the unveiling of a cost-effective AI model by China's DeepSeek. This development has sparked concerns about the future of AI investments and competition in the market, as DeepSeek's model reportedly costs significantly less to train compared to OpenAI's. The news has led to a broader sell-off in chip stocks, while Nvidia remains optimistic about its position in the industry.
Source: YAHOO