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DeepSeek shock erases nearly $600 billion from NVIDIA

DeepSeek's low-cost reasoning claims upended assumptions about US AI leadership and chip demand, contributing to NVIDIA's largest-ever one-day market-value loss and a wider technology selloff.

CURRENT ASSESSMENT · REVISION 1
TOWARD DOOM68confidence 92/100

Why it moved the index

The record market reaction is direct practical evidence that DeepSeek-R1 changed competitive expectations and intensified pressure on US labs and infrastructure providers. Market interpretation is volatile, so the magnitude does not assume the cost claims were fully verified.

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Assessment history

  1. R1
    Toward 68 · confidence 92

    New January 2025 competitive-impact event, distinct from the durable January 20 model release.

    12 Aug 2026