Stocks Analysis by James Picerno covering: NVIDIA Corporation, The Health Care Select Sector SPDR® Fund, The Technology Select Sector SPDR® Fund. Read James Picerno's latest article on Investing.com
Anxiety about the competitive threat from Chinese artificial intelligence lab DeepSeek triggered a sharp selloff in US equities on Monday, with the worst of the decline centered in tech. Chipmaker Nvidia was especially hard hit, suffering a near-$600 billion loss of market cap in one day. The selling weighed on a broad measure of tech stocks.
But change is the nature of tech, which has been the poster child for rapid evolution that upends norms, reorders competitive moats, and generally spawns disruption on a regular basis–quite often on a timeline that poses maximum pain for investors who are all-in on the hype du jour. This is “AI’s sputnik moment,” writes Silicon Valley investor Marc Andreessen, in a reference to the Soviet Union’s launch of an orbital satellite in 1957, an event that arguably marked the launch of the Cold War.
There’s also a view that Monday’s tech selloff wasn’t solely about DeepSeek, but related to sky-high valuations that strongly suggested AI hype had gone too far too fast–a view that’s suddenly the consensus.
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