Stocks closed mixed, with the Dow Jones gaining 0.08% thanks to a 4.9% rise in Nike after an upgrade to Buy by Jefferies. The Nasdaq fell 1.2% and the S&P 500 dropped 0.5%, pressured by declines in Meta Platforms and Microsoft. Nvidia saw a 3.1% drop ahead of its earnings report, with analysts expecting significant revenue growth.
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0 posts last weekDeepSeek’s AI Breakthroughs Pressure Nvidia and Tech Stocks on Wall Street
DeepSeek, a Chinese AI startup, is causing turmoil on Wall Street with its low-cost AI app that rivals OpenAI’s ChatGPT, leading to significant stock declines for major tech companies like Nvidia, which saw a historic 17% drop. Investors are concerned about the implications of DeepSeek’s technology, which reportedly requires less energy and investment compared to U.S. counterparts, prompting fears of overvaluation in the tech sector. The app, available in the U.S., quickly became the top download on Apple’s App Store, further intensifying scrutiny on the AI market.
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