US chip-maker Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative AI model that could threaten US dominance in the fast-growing industry.
Published: 11:01 PM, 27 Jan, 2025
DeepSeek, whose chatbot became the top-rated free application on Apple's US App Store, said it spent only $5.6 million developing its model -- peanuts when compared with the billions US tech giants have poured into AI. US venture capitalist Marc Andreessen has described DeepSeek's emergence as a"Sputnik moment" -- when the Soviet Union shocked Washington with its 1957 launch of a satellite into orbit.
Shares in another US chip-maker, Broadcom, fell 16 percent while Dutch firm ASML, which makes the machines used to build semiconductors, saw its stock tumble 6.7 percent. SoftBank tumbled more than eight percent in Tokyo on Monday while Japanese semiconductor firm Advantest was also down more than eight percent and Tokyo Electron off almost five percent.Besides tech earnings, this week also sees interest-rate decisions from the US Federal Reserve and European Central Bank, ahead of American inflation data.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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