DeepSeek's claims that it cost mere millions to build fanned fears that the huge investments into AI by U.S. firms are unwarranted and a bubble waiting to pop.

Nvidia's US$589 billion loss in stock market value is the deepest ever one-day loss for a company on Wall Street, according to LSEG data. It was more than double the previous one-day record loss, set by Nvidia last September. The tech-rich Nasdaq index finished down more than three per cent.

Investors dumped technology stocks in premarket trading Monday, sending U.S. indexes sharply lower after Chinese artificial intelligence startup DeepSeek demonstrated a chatbot that it says rivals the top versions from OpenAI and Google for a fraction of the cost.

Major AI players, including Nvidia, Meta, Microsoft, and Alphabet, saw significant losses, with Nvidia shedding over 11% and losing $400 billion in market value. Analysts highlighted China’s growing challenge to US tech dominance.

Nasdaq futures slumped and technology shares slid in Japan on Monday as surging popularity of a Chinese discount artificial intelligence model wobbled investors' faith in the profitability of AI and the sector's voracious demand for high-tech chips.

DeepSeek launched a free, open-source large language model in late December, claiming it was developed in just two months at a cost of under $6 million.

Wall Street’s superstars are tumbling Monday as a competitor from China threatens to upend the artificial-intelligence frenzy they've been feasting on. The S&P 500 was down 1.8% in afternoon trading and heading for its worst day in more than a month.

Investors dumped technology stocks in premarket trading Monday, sending U.S. indexes sharply lower after Chinese artificial intelligence startup DeepSeek demonstrated a chatbot that it says rivals the top versions from OpenAI and Google for a fraction of the cost.

US chip-maker Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative AI model that could threaten US dominance in the fast-growing industry.

United States chip-maker, Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative Artificial Intelligence model that could threaten US dominance in the fast-growing industry.

Global chip stocks slumped Monday after Chinese artificial-intelligence company DeepSeek said it had developed AI models that nearly matched American rivals despite using inferior chips, raising questions about the need to spend huge sums on advanced gear provided by Nvidia and other tech giants to train AI models.