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Nvidia shares sink as Chinese AI app spooks markets
The app has overtaken ChatGPT to become the top free application on Apple's App Store in the UK.
Silicon Valley venture capitalist and Donald Trump advisor Marc Andreessen described DeepSeek-R1 as"AI's Sputnik moment", in a reference to the first artificial Earth satellite that was launched by the Soviet Union in 1957. "It can potentially derail the investment case for the entire AI supply chain, which is driven by high spending from a small handful of hyperscalers," Singapore-based technology equity advisor Vey-Sern Ling told the BBC. But Wall Street banking giant Citi cautioned that while DeepSeek could challenge the dominant positions of American companies like OpenAI issues faced by Chinese firms could hamper their development.
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