The S&P 500 and the Nasdaq hit over one-week lows, as the surging popularity of a low-cost Chinese artificial intelligence model DeepSeek knocked shares of chipmaker Nvidia and other companies benefiting from investments into the technology.
READ MORE:Nvidia is no longer the world's most valuable company after suffering the biggest stock market drop in history.
Nvidia's CEO Jensen Huang personally saw $21 billion wiped off his net worth on Monday due to the stock he holds in the company. The Chinese company released its free AI Assistant last week which it says uses less Nvidia chips at a fraction of the cost of current models on the market. 'DeepSeek's work illustrates how new models can be created using that technique, leveraging widely-available models and compute that is fully export control compliant.Nvidia and other tech stock's losses weighed down the wider market, with the Nasdaq down 3 percent and the S&P 500 closing 1.5 percent lower.
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