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Investors offloaded tech stocks globally on Monday, wiping $592.7 billion from Nvidia's (NASDAQ:NVDA) market value as concerns grew over DeepSeek, a Chinese AI model threatening industry leaders. DeepSeek's free AI assistant, launched by the Hangzhou-based startup, uses less data at significantly lower costs, quickly surpassing U.S. competitor ChatGPT in Apple (NASDAQ:AAPL)’s app store downloads.
The Nasdaq dropped 3.1%, with Nvidia’s shares plunging nearly 17%, marking the largest one-day market-cap loss for a Wall Street stock, according to LSEG data. Other major tech stocks also suffered: Broadcom (NASDAQ:AVGO) fell 17.4%, Microsoft (NASDAQ:MSFT) 2.1%, and Alphabet (NASDAQ:GOOGL) 4.2%. The Philadelphia Semiconductor Index recorded its steepest drop since March 2020, down 9.2%, led by Marvell Technology’s (NASDAQ:MRVL) 19.1% slump.
Global markets echoed the selloff, with SoftBank (TYO:9984) down 8.3% in Asia and Europe’s ASML (AS:ASML) falling 7%. Analysts noted DeepSeek's low-cost models could reshape the AI landscape, reducing demand for high-end chips, power infrastructure, and data centers.
Despite the decline, Nvidia remains a dominant player in AI chips, and some see the selloff as a buying opportunity. Synovus Trust’s Daniel Morgan emphasized DeepSeek's focus on mobile and PC-based applications rather than data centers, maintaining confidence in Nvidia and other chipmakers like AMD (NASDAQ:AMD).
DeepSeek's R1 model, dubbed AI's “Sputnik moment,” is 20-50 times cheaper than rivals, signaling a shift in the AI market. While immediate impacts on AI infrastructure are debated, the sector faces challenges as DeepSeek disrupts the narrative fueling tech valuations.
Shares of Nvidia ended at $118.42, down 11.8% year-to-date, while power utilities like Vistra and Constellation Energy also saw steep declines amid AI-driven demand uncertainties.
