Technology stocks plunged Monday after China’s DeepSeek announced it had trained a sophisticated AI model at a fraction of the cost of Silicon Valley firms, sparking a sharp reversal in the AI rally. Nvidia fell 17%, erasing over $500 billion in market value. The Nasdaq and S&P 500 declined while the Dow Jones Industrial Average posted a modest gain. Oracle, Super Micro Computer, and Broadcom suffered losses contributing to a $1 trillion market wipeout. U.S. Treasury bond prices rose as investors sought safer assets. Bitcoin briefly dipped below $100,000 before rebounding.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Technology stocks plunged Monday after China's DeepSeek announced it had trained a
00:07sophisticated AI model at a fraction of the cost of Silicon Valley's firms,
00:12sparking a sharp reversal in the AI rally.
00:14NVIDIA fell 17 percent, racing over $500 billion in market value.
00:19The NASDAQ and S&P 500 declined, while the Dow Jones Industrial Average posted a modest gain.
00:24Oracle's Super Microcomputer and Broadcom suffered losses contributing to a $1 trillion
00:30market wipeout. U.S. Treasury bond prices rose as investors sought safer assets.
00:35Bitcoin briefly dipped below $100,000 before rebounding.