Nvidia drops $600bn off its market cap amid the rise of DeepSeek

DeepSeek, a Chinese AI startup, became the talk of the proverbial AI town when it released its R1 model on Friday. R1’s functionality and accuracy compared to its U.S. counterparts, despite using fewer resources and less compute power, seems like a win for the overall AI industry. But it isn’t necessarily good news for everyone.Semiconductor giant Nvidia finds itself in the headwinds of DeepSeek’s recent achievement. The chip giant saw its stock plummet 16.9% from the close of Friday’s public markets to the ...