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DeepSeek Impact Causes Nvidia Shares to Plunge 17%, Erasing $589 Billion in Largest Ever U.S. Market Cap Loss
Jan 27, 2025, 06:20 PM
Nvidia Corp. shares plunged as much as 17% on January 27, erasing over $589 billion in market capitalization, marking the largest single-day loss in U.S. stock market history. The decline came as investors reacted to the impact of DeepSeek, a Chinese AI startup that released its advanced AI technology in the U.S. market for free. Nvidia's market cap loss more than doubled the previous record set by Meta's $251 billion loss in 2022. The shares fell to their lowest since October 3, experiencing the biggest decline since March 2020. The unprecedented loss raises concerns about potential effects on the broader technology sector.
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