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Tech stocks are knocked by rise in Chinese AI chatbot
The Independent
|January 28, 2025
Tech stocks tumbled in the US as markets opened yesterday after a new Chinese competitor emerged in the artificial intelligence field, potentially upending the sector.
The S&P 500 fell 1.8 per cent, while major tech and AI-related stocks were also down, including Nvidia, which fell more than 17 per cent. Microsoft, Google parent firm Alphabet and Amazon also suffered losses.
The drop has been sparked by the sudden rise of Chinese AI chatbot app DeepSeek, which has jumped to the top of the download charts on Apple’s App Store in the UK, US and China, sparking a rethink of the landscape of the AI sector.
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