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Nvidia no longer world's most valuable company after losing $589 BILLION in biggest stock drop in history
[Daily Mail, where America gets its news] Nvidia is no longer the world's most valuable company after suffering the biggest stock market drop in history. The chipmaker shed more than $589 billion in value on Monday after its stock dropped around 17 percent. The plunge cost the company the equivalent value of Netflix's market cap or the entire GDP of countries such as Ireland, Sweden or Belgium. Nvidia's CEO Jensen Huang personally saw $21 billion wiped off his net worth on Monday due to the stock he holds in the company. The losses came after investors panicked about the implications of a new Chinese AI that appears to compete with its American rivals but for a fraction of the cost. DeepSeek's advances have raised doubts about whether the US will retain its lead in the global race of advancing AI technology. The Chinese company released its free AI Assistant last week which it says uses less Nvidia chips at a fraction of the cost of current models on the market. DeepSeek overtook its rival ChatGPT to become the most-downloaded free application available on the Apple Store in the US on Monday. Related: Nvidia 01/22/2025 [RETRO] This Shocking Move by Elon Musk and Larry Ellison Signals Enormous Growth Ahead for Nvidia (and Should Eliminate Its Shareholders' Biggest Worry) Nvidia 11/11/2024 Sanctions That Raised a Dragon: How China Is Taking Over Global Markets Nvidia 10/31/2024 Russian court fines Google $20 decillion Related: DeepSeek 01/25/2025 Davos elite nod along as Trump delivers ultimatum DeepSeek 01/25/2025 China's DeepSeek Bombshell Rocks Trump's $500B AI Boondoggle Posted by: Skidmark 2025-01-28 |
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