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- U.S. technology firms like Nvidia plunged after Chinese startup DeepSeek sparked concerns over competitiveness in AI and America’s lead in the sector.
- DeepSeek launched a free, open-source large language model in late December, claiming it was developed in just two months at a cost of under $6 million.
- These developments have bolstered questions about the large amounts of money big tech companies have been investing in artificial intelligence models and data centers.
Nvidia, the chip designer who has been a major beneficiary of the AI hype, last slid 15.8%. With that, the megacap tech stock was on track to notch its worst day since March 2020.
Nvidia and other U.S. technology firms plunged on Monday, part of a global sell-off as Chinese startup DeepSeek sparked concerns over competitiveness in artificial intelligence and America’s leadership in the sector.
Nvidia, the chip designer who has been a major beneficiary of the AI hype, last slid 15.8%. With that, the megacap tech stock was on track to notch its worst day since March 2020.
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Also see:
DeepSeek calls tech’s ‘stratospheric valuations’ into question, says Deutsche Bank
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