Startup DeepSeek sparks drop in megacaps
Futures linked to the tech-heavy Nasdaq tumbled on Monday as the overwhelming popularity of an inexpensive Chinese artificial intelligence model sparked a selloff in AI-related shares, with megacap stocks including Nvidia the worst hit.
“It will almost certainly put the cat among the pigeons as investors scramble to assess the potential damage it could have on a burgeoning industry which has powered much of the gain seen in the main indices over the past couple of years.” Microsoft and Meta Platforms were down 3.3% each. Both are set to report earnings later this week, along with Apple and Tesla.AI server makers Dell Technologies and Super Micro Computer slid about 8% each.
On Wednesday, the U.S. Federal Reserve’s first interest rate decision of the year is expected, with markets widely expecting the central bank to hold its lending rate steady.
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