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DeepSeek tech wipeout erases more than $1 trillion in US stock market cap as AI panic grips Wall Street — Nvidia plunged almost 17%, marking the worst-ever single-day loss of market cap in history.
A tech sell-off on Monday saw more than $1 trillion in value erased over concerns over China's DeepSeek AI app.
US stocks plummeted on Monday as traders fled the tech sector and erased more than $1 trillion in market cap amid panic over a new artificial intelligence app from a Chinese startup. Meanwhile, Oracle shares dropped nearly 14%, reversing its rally last week after President Trump announced a $500 billion deal involving the software giant to create more AI infrastructure. Commentary from US hyperscalers will be key this week to see if they remain aggressive with AI spend," Angelo Zino, a senior equity analyst at CFRA Research, wrote in a note.
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