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Nvidia Stock Plunges 17% As NVDA Suffers Biggest Market Cap Loss Ever—Driven By DeepSeek
Nvidia lost more market value Monday than the total valuations of American stalwarts UnitedHealth, Costco and Bank of America.
Nvidia set a dubious Wall Street record Monday, as the stock at the forefront of the U.S.-led artificial intelligence revolution got a scare from DeepSeek, the Chinese AI company which developed a ChatGPT rival at a fraction of the reported cost of its American peers. NurPhoto via Getty Images Shares of Nvidia plunged 17% by close, suffering its worst daily percentage loss since March 2020, when stocks briefly crashed at the start of the COVID-19 pandemic. Nvidia headlined broader U.S. stock losses, as the benchmark S&P 500 fell 1.5% and the tech-concentrated Nasdaq dropped 3.1%, and other major AI technology providers including fellow chip designers Arm and Broadcom plus data storer Oracle all tanked at least 10%.
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