CEO Aravind Srinivas bought a large amount of Nvidia shares amid the market sell-off following the rise of the Chinese AI app DeepSeek.
In an X social media post, Srinivas said,
“I just bought some more NVDA(sic).”
Cramer also wrote
“There is no silver lining right now with Nvidia though,”.
The United States tech stocks and the global stock markets were severely impacted by the low-cost Chinese AI application DeepSeek on Monday. The value of leading chip maker Nvidia by $593 billion, a 17 % crash. In January 27 there was a one-day market cap loss for the Wall Street stock in history.
On January 27, the US tech-centric Nasdaq fell by 3.1%, primarily driven by Nvidia’s plummet, which dropped an unprecedented 17% overnight, joined by chip manufacturer Broadcom Inc, which decreased by 17.4%, ChatGPT supporter Microsoft down almost 2.1%, and Alphabet, Google’s parent company, which declined 4.2%.
DeepSeek’s newest large language models have contested the supremacy of leading AI firms by delivering comparable performance to Meta or OpenAI at allegedly a much lower cost. DeepSeek’s complimentary app has surpassed ChatGPT on Apple’s App Store in various areas. Such as the US, UK, Australia, Canada, China, and Singapore, affecting technology stocks.
