It also put a spotlight on AI chip producer Nvidia Corp, whose shares soared ninefold in the past two years, making it the highest-valued company in the world. The Santa Clara, California-based firm slid more than 10% in premarket trading Monday — a drop that would zap about US$340 billion in market value if it were to hold in the cash session.
Chinese artificial intelligence startup DeepSeek’s latest AI model sparked a US$1 trillion rout in US and European technology stocks, as investors questioned bloated valuations for some of America’s biggest companies.
DeepSeek’s latest AI model rose to the top of the Apple’s appstore charts over the weekend, presenting a visible challenge to costlier models like OpenAI and raising questions over the hundreds of billions in planned spending on the technology by the likes of Microsoft Corp, Meta Platforms Inc and Alphabet Inc.
