Nvidia saw over $500 billion of its market valuation wiped off as technology stocks globally came under pressure on Monday after China’s DeepSeek unveiled an artificial intelligence model said to be cheaper and less data-hungry than those of its rivals.
The Chinese startup’s free AI open-source assistant was unveiled last week, with a large language model (LLM) matching those of OpenAI but at a tenth of the cost and requiring a fraction of the data.
Shares in nuclear energy stocks that have enjoyed a boost from their new popularity with data centre owner were selling off after the emergence of a less power-hungry artificial intelligence model from Chinese startup DeepSeek.
This led to a widespread sell-off among chipmakers and other semiconductor companies in Europe, the US and Asia on Monday.
Nasdaq-listed Aurora Mobile Ltd shares jumped 120% after the Chinese customer engagement and marketing technology specialist said it has the newly launched DeepSeek R1 artificial intelligence into its platform.
DeepSeek launched its R1 large language model at the end of last week to the consternation of investors in western AI supply chain companies like Nvidia, ASML and co, whose shares were selling off sharply on Monday.
Shares in AT&T Inc (NYSE:T) jumped 6% after it dialled in larger gains in customers in the past quarter than expected and said it has entered 2025 with "strong momentum".
Net new phone customer numbers for the fourth quarter reached 482,000, beating the forecasted additions of 443,000 from Wall Street analysts.
Ondine Biomedical said it has raised $4 million of new investment from HCA Healthcare subsidiary hInsight-NX.
Ondine said it remained optimistic that a delayed private placement with an individual investor would also occur, though no timeline was provided.