The superstar run for Nvidia’s stock the last few years has been astonishing. So was its tumble Monday, which caused $595 billion in wealth to vanish. Nvidia became a household name as its stock more than tripled in 2023 and then more than doubled in 2024.
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But that all came to a screeching halt Monday, at least for a moment, after a Chinese upstart called DeepSeek said it had developed a large-language model that could perform like ChatGPT and other U.S. rivals, but by using far less computing power.The Santa Clara, California-based tech company’s invention of the graphics processor unit, or GPU, in 1999 helped spark the growth of the PC gaming market and redefined computer graphics.
That ramped up to $7.19 billion just three months later and then nearly doubled to $13.51 billion three months after that. Revenue has since vaulted to $35.08 billion in the three months through October 2024. DeepSeek and its seemingly lower-cost operations raised worries about whether companies would need to spend as many dollars on Nvidia chips as previously thought. The concerns dragged down stocks across the AI industry, including suppliers to the chip industry and the power companies hoping to electrify the vast data centers that were expected to get built to run those chips. But Nvidia was in the spotlight because its stock has become the brightest symbol of the AI bonanza.
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