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DeepSeek's AI Launch Sparks Global Tech Stock Selloff, Raising Concerns Over US Dominance
(MENAFN) The launch of a new AI model by Chinese startup DeepSeek caused a significant shockwave through global tech stocks on Monday, with Nasdaq futures in Japan falling more than 3 percent, raising concerns over the future of US technological leadership.
By 3:23 am in New York, Nasdaq 100 futures had dropped by up to 3.2 percent, and S&P 500 futures were down 1.9 percent. In early European trading, shares of Nvidia, listed in Frankfurt, fell by approximately 7 percent, while Tesla, Amazon, and Meta saw declines of over 2 percent. ASML Holding NV, a Dutch computer chip maker, experienced a drop of more than 8 percent.
The stock declines followed the unveiling of DeepSeek’s new AI assistant, which has been praised for being cost-efficient and capable of running on less powerful chips compared to other AI tools like OpenAI’s ChatGPT.
The introduction of DeepSeek’s assistant has raised doubts about the high valuations of companies such as Nvidia, whose chips have been critical to the growth of AI technologies.
By 3:23 am in New York, Nasdaq 100 futures had dropped by up to 3.2 percent, and S&P 500 futures were down 1.9 percent. In early European trading, shares of Nvidia, listed in Frankfurt, fell by approximately 7 percent, while Tesla, Amazon, and Meta saw declines of over 2 percent. ASML Holding NV, a Dutch computer chip maker, experienced a drop of more than 8 percent.
The stock declines followed the unveiling of DeepSeek’s new AI assistant, which has been praised for being cost-efficient and capable of running on less powerful chips compared to other AI tools like OpenAI’s ChatGPT.
The introduction of DeepSeek’s assistant has raised doubts about the high valuations of companies such as Nvidia, whose chips have been critical to the growth of AI technologies.
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