Retail investors rushed into Nvidia on Monday, signaling Main Street support for the chipmaker despite the emergence of an artificial intelligence model from China that battered its shares and caused a historic, $600 billion loss in market value.
With around six million dollars and a stockpile of chips acquired before Washington banned their export to China, startup DeepSeek has produced what Chinese tech titans couldn't -- a world-class AI chatbot.
On Monday, markets were in meltdown when it emerged that a Chinese app called DeepSeek had developed a low-cost AI technology that can compete with those of US giants but at a fraction of the cost and a fraction of the computing power.
A significant milestone in the AI race, the release of R1 has proven that Chinese companies can now build foundation models at a level comparable to OpenAI’s GPT-4, Anthropic’s Claude, or Google DeepMind’s Gemini.
