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[Financial Times] NVIDIA on course to lose more than $300bn of market value, the biggest recorded drop for any company. This comes after Chinese artificial intelligence start-up, DeepSeek, claims to use far fewer Nvidia chips than its US rivals, OpenAI and Meta.
Start-up’s model raises questions about need for huge western hardware investment
Tech stocks tumbled on Monday as advances by Chinese artificial intelligence start-up DeepSeek cast doubt on whether the US could sustain its leadership in AI by spending billions of dollars on chips. Nvidia, Broadcom and other chipmakers have benefited from Silicon Valley’s race to build ever-larger clusters of chips, which the likes of xAI boss Elon Musk and OpenAI’s Sam Altman have argued are needed to keep advancing AI’s capabilities. “It seems as if there is a bit of reality dawning that China has not been sitting idle, even as these tariffs and investment restrictions on tech companies have been put in place,” said Mitul Kotecha, Asia head of emerging markets macro and foreign exchange strategy at Barclays.
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