Global billionaires lost $108B in a single day. A tech-led selloff tied to a Chinese AI firm shook the market. More details ahead.
DeepSeek, a Chinese AI firm, launched an affordable AI app, disrupting Silicon Valley’s high-cost dominance and triggering massive selloffs.
Jensen Huang, Nvidia’s CEO, lost $20.1B—20% of his wealth—as the AI-linked selloff took a major toll on tech leaders.
DeepSeek developed a cutting-edge AI model for just $5.6M, defying Silicon Valley’s narrative of costly AI investments.
With $200B planned in AI spending, US tech giants face questions about their capital-heavy strategies as DeepSeek proves efficiency.
DeepSeek’s innovation marks a turning point for AI development, challenging Silicon Valley and reshaping the tech investment landscape. Source – The Economic Times