Nvidia faced a significant downturn as its shares plummeted 18% following the announcement from Chinese startup DeepSeek about its new AI model developed at a fraction of the cost and time. This unprecedented drop resulted in a record $560 billion loss in market capitalization, affecting CEO Jensen Huang's net worth severely. The broader tech market reacted negatively, with major companies like Alphabet, Microsoft, and Tesla also seeing their stock values decline, illustrating the impact of emerging competition and economic uncertainties in the AI sector.
Shares of Nvidia plunged as much as 18% as the market reckoned with the possibility that the world's largest supplier of AI chips could face less demand...
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