Nvidia loses $600 billion in market value due to DeepSeek

Shares of Nvidia Corp. plunged sharply on Monday, wiping a record amount off the market value of the world’s largest company, as investors worried about Chinese artificial intelligence startup DeepSeek.

Nvidia shares fell as much as 17% on Monday, wiping out about $600 billion from the company’s market value. That drop surpassed the previous record, when shares fell 9% in September, wiping out about $279 billion in market value.

Nvidia CEO Jinson Huang lost $16 billion of his fortune after the crash.

Given Nvidia’s heavy weighting in major indexes, the decline has rippled across the entire market. The S&P 500 fell about 2.3%, while the Nasdaq fell 3.6%.

This decline in Nvidia shares came against the backdrop of fears about the Chinese company DeepSeek, which launched a new model of artificial intelligence, to compete with models from Western companies such as OpenAI and Meta.