DeepSeek sparks global AI selloff, with Nvidia losing around 593 billion

Investors sold technology stocks across the globe on Monday as they worried that the emergence of a low-cost Chinese artificial intelligence model would threaten the dominance of current AI leaders like Nvidia, shaving 592.7 billion off the chipmaker's market value. Last week, Chinese startup DeepSeek launched a free AI assistant that it says uses less data at a fraction of the cost of incumbent services. By Monday, the assistant had overtaken U.S. rival ChatGPT in downloads from Apple's app store. This led the tech-heavy Nasdaq to fall 3.1% on Monday. Nvidia was the Nasdaq's biggest drag, with its shares tumbling just under 17% and marking a record one-day loss in market capitalization for a Wall Street stock, according to LSEG data.