Nvidia lost more market value Monday than the total valuations of American stalwarts UnitedHealth, Costco and Bank of America.
In what marks the largest single-day drop in stock market history, Nvidia's valuation has been hit by China's answer to ChatGPT.
Nvidia shares' 9% recovery Tuesday was the second-best day in terms of market cap added for any company ever—but the company faced another selloff Wednesday.
Then there is the hype question. Since Chat GPT set off the AI gold rush in late 2022, Nvidia has been the ultimate “picks and shovel” play. But like investment in the early days of the internet, the AI boom has so far been based more on the belief that it will change everything than hard evidence that it can generate returns.
Nvidia, led by boss Jensen Huang (pictured), lost almost $600bn in value, after China claimed its new Deepseek AI chatbot was far more efficient than rivals
Nvidia's stock price crashed to $118.58 yesterday, wiping $593 billion off its value and marking the company's worst day on the market since the start of
Nvidia faces new threats as China's DeepSeek challenges AI chip dominance, shaking markets. Can Nvidia maintain its competitive edge?
Shares of chipmaker Nvidia plunged Monday, for its worst day since the global market sell-off in March 2020 triggered by the coronavirus pandemic.
Retail investors bought a net $562 million of Nvidia stock on Monday, the largest single-day inflow in at least 10 years, VandaTrack said.
Both Meta and Microsoft committed to huge investments in artificial intelligence, despite new Chinese software outperforming American rivals at a lower cost.
Chinese AI startup DeepSeek has shaken up the tech industry with its new chatbot, Deepseek R1, which claims to match or outperform top AI models like ChatGPT at a fraction of the cost.
Nvidia's GeForce RTX 5080 graphics card outruns its like-priced competitors and predecessors in many popular games. Its potent AI hardware and cutting-edge AI features, as they gain support, will only improve this card's standing.