NVIDIA SHEDS ALMOST $600 BILLION IN MARKET CAP, BIGGEST ONE-DAY LOSS IN U.S. HISTORY

Summary from the TLDR newsletter

Nvidia experienced the biggest market cap drop for any company on a single day in US history on Monday when it lost close to $600 billion in market cap. Its stock price plummeted 17% and caused a 3.1% slide in the tech-heavy NASDAQ. The sell-off was sparked by DeepSeek presenting increased competition in the global AI industry. The Chinese AI lab released a free and open source large language model that only took two months and less than $6 million to build using Nvidia H800s. The release has caused investors to rethink spending on compute.