US tech giant Nvidia lost over a sixth of its value after the surging popularity of a Chinese artificial intelligence (AI) app spooked investors in the US and Europe. DeepSeek, a Chinese AI chatbot reportedly made at a fraction of the cost of its rivals, launched last week but has already become the the most downloaded free app in the US.

US chip-maker Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative AI model that could threaten American dominance in the fast-growing industry.

Nvidia called DeepSeek's R1 model "an excellent AI advancement," despite the Chinese startup's emergence causing the chip maker's stock price to plunge 17%.

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.

A chatbot made by Chinese artificial intelligence startup DeepSeek has rocketed to the top of Apple’s App Store charts in the US this week, dethroning OpenAI’s ChatGPT as the most downloaded free app.

Nvidia loses billions in value as DeepSeek’s cheaper AI option rattles markets. Tiffany is having trouble retaining employees. And Starbucks is revamping its in-store experience. Listen to the day’s top stories.

The shocking success of a new model from a mysterious Chinese lab has America questioning its leadership of the sector.