US tech giant Nvidia lost over a sixth of its value after the surging popularity of a Chinese artificial intelligence (AI) app spooked investors in the US and Europe. DeepSeek, a Chinese AI chatbot reportedly made at a fraction of the cost of its rivals, launched last week but has already become the the most downloaded free app in the US.

Wall Street’s superstars tumbled as a competitor from China threatens to upend the artificial-intelligence frenzy they’ve been feasting on. The S&P 500 fell 1.5% Monday.

Yet many in Silicon Valley believe the broad sell-off is an overreaction to DeepSeek’s latest model, which they argue could spur wider adoption and utility of AI by radically lowering the technology’s cost,

Nvidia climbed 8.8%, with the rally gaining steam throughout the day and closing near session highs. The stock at one point shortly after the open was in the red. That bounce come

What Happened? Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) fell 13% in the morning session as stocks heavily tied to the AI market took a hit after Chinese artificial intelligence startup DeepSeek released a new large language model (DeepSeek-R1) that ranks competitively on key global benchmarks (coding competitions,

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.

A chatbot made by Chinese artificial intelligence startup DeepSeek has rocketed to the top of Apple’s App Store charts in the US this week, dethroning OpenAI’s ChatGPT as the most downloaded free app.

OpenAI CEO Sam Altman on Monday called Chinese AI startup DeepSeek's R1 an "impressive model" and pledged his company would "deliver much better models" in the future. Why it matters: DeepSeek's announcement that its new model that's cheaper than U.