Chinese AI company DeepSeek's chatbot surpasses ChatGPT in downloads, triggering a decline in tech stocks and a 5% drop in uranium prices. DeepSeek's efficient AI model, R1, utilizes fewer chips than competitors, yet achieves top app ranking. Wall Street loses $1.6 trillion, with Nvidia, Taiwan Semiconductor, and Oracle experiencing significant losses. Uranium, crucial for powering AI, sees a dip but demand from utilities remains strong.
Uranium ’s spot price feel Monday night as DeepSeek shakes up the tech world. Credit: Adobe Stock photo by pwmotion
Chinese artificial intelligence company DeepSeek is making a splash in the tech world with downloads surpassing ChatGPT’s, pushing major tech stocks down, while prices of uranium – which could help power the AI revolution – declined 5% Monday night. The AI chatbot DeepSeek, founded by tech entrepreneur Liang Wenfeng, has rocketed to the top of iPhone’s app downloads list, ahead of ChatGPT, Threads and Google. The chatbot has achieved that even though its AI model, known as R1, was made with leaner resources than other comparable programs. Top AI firms reportedly train their models with supercomputers using as many as 16,000 integrated circuits, while DeepSeek uses only around 2,000 chips from Nvidia’s H800 series.
Tech stocks declined sharply on Monday, with AI company Nvidia down 16%, Taiwan Semiconductor Manufacturing falling by 11% and Oracle down by 15%. The stock drops amount to a $1.6 trillion drop on Wall Street after DeepSeek’s release, according toAlongside those movements, the spot price of uranium, regarded as key to the development of power-intensive AI as a fuel for nuclear power, fell on Monday night. The price was down by $3.90 per lb. uranium oxide was up 1.2% to C$69.
The Financial Times reported that Treasury Secretary Scott Bessent is pushing for universal tariffs starting at 2.5% and rising gradually.
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