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Nvidia Is Back in the Reckoning as Panic Over DeepSeek Ebbs
Mint Chennai
|February 21, 2025
The AI chip-maker is back in form after its stock's recent battering
The Great DeepSeek Panic of January 2025 is officially over. First, Big Tech shrugged it off, defying fears that the Chinese breakthrough on artificial intelligence (AI) efficiency would provoke a pullback in Silicon Valley's spending plans. And now Nvidia has just about turned around its record-breaking losses from that fateful Monday three weeks ago when it lost almost half a trillion dollars in value.
During Tuesday's trading this week, Nvidia's stock price rose above $143 a share—higher than it had been just before the DeepSeek selloff. The revival was made complete by the arrival of Grok-3, the latest chatbot from Elon Musk's xAI. It was presented on Monday night during an X livestream and came just days after Musk put in a trollish bid to buy rival OpenAI for $97.4 billion, which was summarily rejected by OpenAI's CEO Sam Altman and the company's board.
The Musk bid's insincerity is arguably exposed by Grok-3's performance, which appears to put it neatly ahead of rivals, though likely not for long (as such is the way it goes). Musk doesn't need OpenAI to compete in the field of AI, evidently, but, by the look of things, he would take great satisfaction in making Altman's life more difficult in any way he can.
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