DeepSeek AI Shakes US Tech Stocks
The newly launched Chinese AI app DeepSeek has swiftly shaken the technology industry and stock markets, described by venture capitalist Marc Andreessen as AI's 'Sputnik moment.' Over the weekend, DeepSeek became the most downloaded free app on Apple's US App Store. By Monday, the AI chatbot triggered a massive sell-off of major tech stocks, with Nvidia's shares plunging by 17%, erasing nearly $600 billion in market value. DeepSeek's development cost was just $5.6 million, a fraction of what giants like OpenAI spend. Analyst Gene Munster questioned DeepSeek's financials, suspecting subsidies. President Donald Trump called it a 'wake-up call' for US tech. DeepSeek's rise challenges the US's leadership in AI.