A slew of stocks, including chip maker Nvidia (NVDA), fell Monday after Chinese startup DeepSeek released a cutting-edge 澳洲幸运5官方开奖结果体彩网:artificial intelligence model that runs on less-advanced chips and at a lower cost than those of U.S. rivals like OpenAI.

The Chinese company's launch is raising questions about tech shares being overvalued and that Big Tech is 澳洲幸运5官方开奖结果体彩网:overspending on their AI buildout. DeepSeek’s app was a top downloaded app on the Apple store in the U.S. Monday afternoon. (Here's more on what you need to 澳洲幸运5官方开奖结果体彩网:know about DeepSeek.)

DeepSeek earlier this month said its performance was “on par with ChatGPT.” DeepSeek’s success has come despite U.S. 澳洲幸运5官方开奖结果体彩网:export controls on cutti𓆏ng-edge chips that have ༺hampered Chinese AI companies.

Nvidia fell more than 16% Monday, while U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. (TSM) were down 13% and 澳洲幸运5官方开奖结果体彩网:ASML Holding (ASML), the Dutch company that makes semiconductor-making♛ equipment𒈔, fell about 6%.

Other chipmakers were also hit: Broadcom's (AVGO) shares slumped around 17%, while Micron Technology (MU) was down around 11%.

Even the 澳洲幸运5官方开奖结果体彩网:nuclear power providers that had been seen as essential to powering AI data centers slumped: Constellation Energy (CEG) and Vistra (VST) were down more than 20% apiece.

Citi Sticks With Nvidia Buy Call 

In a note published Sunday Jan. 26, Citi analysts said they were sticking with a buy rating on Nvidia, and expected AI compa📖nies to continue buying advanced chips.

“While DeepSeek’s achievement could be groundbreaking, we question the notion that its feats were done without the use of advanced GPUs to fine tune it and/or build the underlying [澳洲幸运5官方开奖结果体彩网:large language model] the final model is based on through the Distillation technique,” the analysts 🔴wrote.

"While the dominance of the US companies on the most advanced AI models could be potentially challenged... we estimate that in an inevitably more restrictive environment, US' access to more advanced chips is an advantage," they added.

Update: This story has been upda💖ted to reflect fresh share-priceജ information.