Nvidia, the world leader in accelerated computing, lost about $589 billion of its market value on Monday. According to Bloomberg, the loss was driven by the company’s shares plummeting by 17 percent during midday trading on Wall Street. The steep decline reverberated across global markets due to Nvidia’s substantial influence on major indices.

Wall Street had a shock to the system on concerns that a cheap artificial intelligence-model from Chinese startup DeepSeek could make valuations that have powered the bull market tough to justify. From New York to London and Tokyo,

KEY TAKEAWAYS A slew of stocks, including chip maker Nvidia, tumbled Monday after Chinese startup DeepSeek released an AI model that runs on less-advanced chips and at a lower cost than those of U.S.