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Tech stocks sink on release of DeepSeek

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The tech-heavy Nasdaq fell by 3.1% on Monday as investors dumped tech stocks amid the emergence of Chinese artificial intelligence model DeepSeek.

The low-cost DeepSeek has overtaken ChatGPT in downloads on the Apple store.

Nvidia stock was down by nearly 17%, wiping $593 billion off its market value. That's a record one-day loss for any company on Wall Street, according to Reuters.

Read more from Reuters.

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