A wild selloff rattled tech stocks on Monday, striking at the heart of AI optimism as China’s DeepSeek startup unveiled an open-source large language model platform that outperforms OpenAI’s ChatGPT at a fraction of the cost.
The shockwave hit U.S. markets hard, raising fears over intensifying AI competition just as companies pour heavy investments into the new technology.
The elite Magnificent Seven stocks collectively shed about $600 billion in market value, with Nvidia Corp. (NASDAQ:NVDA) alone erasing $450 billion, or 15% of its valuation. The AI powerhouse is on track for its worst single-day loss since March 18, 2020.
The Nasdaq 100 tumbled 3%, eyeing its steepest drop since Dec. 18, when hawkish comments from Fed Chair Jerome Powell rattled markets. The iShares Semiconductor …
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