“The AI investment cycle may be overhyped,” posed analysts at JPMorgan.
sent a chill through the U.S. stock market Monday, initiating a massive selloff led by Nvidia and hitting billionaires where it hurts—their fortunes.The DeepSeek-driven stock market plunge caused some of the world’s wealthiest people to lose tens of billions on paper, led by Oracle’s Larry Ellison and Nvidia ’s Jensen Huang —here’s a Stocks were battered by DeepSeek’s debut: The S&P 500 closed down 1.5%, while the tech-heavy Nasdaq plunged just over 3%—its worst day since Dec.
The selloff stems from weekend panic over last week’s release from the relatively unknown Chinese firm DeepSeek of its competitive generative AI model rivaling OpenAI, the American firm backed by Microsoft and Nvidia, and its viral chatbot ChatGPT, with DeepSeek notably running at a fraction of the cost of U.S.-based rivals. The idea of a rival undercutting the largely U.S.
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