DeepSeek singlehandedly wipes USD Trillions off stock market valuations, especially Nvidia down 17% in the session.
Crypto was hit too but has rallied since, and the USD is lower too, Nikkei is currently down 1%
DeepSeek has said it can match the abilities of cutting-edge chatbots while using a fraction of the specialised computer chips that leading AI companies rely on.
That has prompted investors to rethink the heady valuations of companies like Nvidia, whose equipment powers the most advanced AI systems, as well as the enormous investments that companies such as Alphabet, Meta and OpenAI are making to build their businesses.
‘A wake-up call for US’: Trump on DeepSeek [AFR]
NVIDIA Daily
Indian Central Bank’s Bond Purchases Push Yields to a Three-Year Low [Bloomberg]
The NASDAQ closed down 3% but was down 5% at one stage
NASDAQ Daily
A drop in low liquidity and then a rally, underscored how much BTC is correlated to tech in extreme conditions, but there are a whole score of entities looking to buy when the price declines.
BTC Daily
Surprisingly the USD was lower
DXY Daily
But bonds did rally
US 10 Year Government Bond Yield