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January 28, 2025

U.S. Tech and Energy Stocks Plummet as Chinese Startup Launches "DeepSeek" AI Model
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In business news, share prices of U.S. high-tech companies plummeted on
Monday, wiping out $1.2 trillion in market capitalization after the
Chinese startup Deep Seek launched its newest artificial intelligence
model, rapidly overtaking Chat GPT as the top free download on Apple's
app store. Deep Seek says its model is far cheaper and efficient to
operate than leading AI models from U.S. companies. Shares of chip maker
Nvidia plummeted by a combined $593 billion Monday - by far the
largest-ever one-day stock market loss for any company in history. U.S.
power, utility and natural gas companies also saw steep losses Monday as
Deep Seek's successes cast doubt on a projected surge in demand for
energy-guzzling data centers.


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