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Nvidia sheds almost $600B in market cap, biggest one-day loss in US history
Nvidia shares plunged 17% on Monday, resulting in a market cap loss of close to $600 billion, the biggest drop ever for a U.S. company.
The selloff was sparked by concerns that Chinese artificial intelligence lab DeepSeek is presenting increased competition in the global AI battle. Analysts at Cantor wrote in a report on Monday that the release of DeepSeek's latest technology has caused "great angst as to the impact for compute demand, and therefore, fears of peak spending on GPUs." CEO Jensen Huang's net worth also took a massive hit, declining roughly $21 billion, according to Forbes' real-time billionaires list.
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