Nvidia share price: US chip-maker set for biggest one-day loss, erases $500 billion of market cap
Nvidia share price on Monday crashed more than 15 percent in midday deals on Wall Street. The US-Chipmaker, whose semiconductors power the AI industry, erased more than $500 billion of its market value.
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Nvidia is set to record its biggest one-day loss.
Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative AI model that could threaten US 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.
DeepSeek, whose chatbot became the top-rated free application on Apple's US App Store, said it spent only $5.6 million developing its model — peanuts when compared with the billions US tech giants have poured into AI.
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