NEW YORK — US chip-maker Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative AI model that could threaten American dominance in the fast-growing industry.
The chatbot developed by DeepSeek, a startup based in the eastern Chinese city of Hangzhou, has apparently shown the ability to match the capacity of US AI pace-setters for a fraction of the investments made by American companies. Shares in Nvidia , whose semiconductors power the AI industry, fell nearly 17 percent on Wall Street, erasing nearly $600 billion of its market value.The tech-rich Nasdaq index finished down more than three percent.
Asian stock markets mostly slid.Just last week following his inauguration, Trump announced a $500 billion venture to build infrastructure for AI in the United States led by Japanese giant SoftBank and ChatGPT-maker OpenAI.SoftBank tumbled more than eight percent in Tokyo on Monday while Japanese semiconductor firm Advantest was also down more than eight percent and Tokyo Electron off almost five percent.
Loses Nearly $600 Bn In Value As Chinese AI Firm Jolts Tech Shares
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi crown prince says kingdom intends to invest $600 billion in US during call with TrumpSunStar Publishing Inc.
Read more »
Saudi Arabia Pledges $600 Billion Investment in the USSaudi Crown Prince Mohammed bin Salman commits to a $600 billion investment in the US over the next four years, marking a significant development in US-Saudi relations. This pledge, discussed with President Donald Trump, aims to bolster economic ties and potentially expand beyond the initial target.
Read more »
Saudi Crown Prince Promises $600 Billion Investment in USSaudi Arabia's Crown Prince Mohammed bin Salman pledges a massive $600 billion investment in the United States over the next four years, potentially exceeding the GDP of many nations. The announcement follows President Donald Trump's hint at prioritizing Saudi Arabia for his first foreign trip since inauguration, echoing his 2017 visit that secured a $450 billion deal. The investment comes amid budgetary pressures for Saudi Arabia due to depressed oil prices and ambitious projects like NEOM and preparations for the 2034 FIFA World Cup.
Read more »
NVIDIA Unveils New Gaming Chips Powered by AI at CES 2025NVIDIA CEO Jensen Huang announced a new generation of gaming chips at CES 2025, leveraging the company's latest AI technology to deliver more realistic graphics and human faces in video games.
Read more »
NVIDIA Criticizes New US Rule on AI Chip ExportsNVIDIA, a leading AI chip manufacturer, expressed concerns over a new US rule aimed at tightening control over the global flow of AI chips, arguing that it would hinder innovation and US leadership in the field.
Read more »
New year, new cravings: What’s new at Pancake HouseThis first quarter of 2025, Pancake House introduces new offers for foodies looking for good deals and satisfying meals. With a mix of new pancake options and meal combos, these promotions aim to make every visit enjoyable.
Read more »