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DeepSeek AI is crushing the competition and triggering an AI stock bloodbath
Tech stocks took a hit as China's DeepSeek stirs up U.S. anxiety over the AI competition.
Its latest AI launch caused global market chaos: Nasdaq dropped 3%, S&P 500 slid 1.5%, and Nvidia lost a record $593 billion in one day. Nvidia, a major player in AI, took a massive hit Monday, losing a staggering $593 billion in market value as tech stocks tanked, Reuters reports. DeepSeek started turning heads in the AI world last month after dropping a new model that it claims rivals top U.S. players like OpenAI’s ChatGPT, while being way more efficient with pricey Nvidia chips for training on massive datasets.
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