Kolkata: Global investors, on January 27, heavily sold out their positions in star tech stocks such as Nvidia, Microsoft, Oracle, Alphabet and Amazon as news of the emergence of a low-cost Chinese AI tool DeepSeek — a startup actually, spread like wild fire through Wall Street. The information that did the damage was that the free AI assistant consumes less data at a fraction of the cost of competing services. The response to this new player on the horizon was so overwhelming that by Monday, January 27, it overtook rival ChatGPT in downloads from Apple’s AAPL.O app store, said reports.
As a result, bloodbath was witnessed in stocks that have been labelled as darlings of Wall Street — Nvidia plunged nearly 17%. Bloomberg reported that Nvidia Corp. co-founder Jensen Huang suffered a major erosion in fortunes and the world’s 500 richest people suffered a cumulative loss of $108 billion on Monday. The US-based tech companies were wallowing in mega profits on account of the Artificial Intelligence industry. The tech sale dragged down Nasdaq composite by 3.1% and S&P 500 by 1.5%. Let’s have a look at the major stocks that were groaning under a loss in market capitalisation on Monday.
The stocks that suffered the most
According to reports, 31 stocks suffered an erosion of 1,469.3 billion dollars on Monday. The top 10 stocks that suffered the biggest loss are as follows:
- NVIDIA Corp: $556.4 billion
- Boardcom Inc: $199.4 billion
- Taiwan Semiconductor: $165.9 billion
- Microsoft: $129.2 billion
- Alphabet: $79.2 billion
- Oracle: $62.3 billion
- Arista Networks: $30.7 billion
- Amazon.com: $26.3 billion
- GE Vernova: $22.6 billion
- Constellation Energy: $20.6 billion
It is quite significant that Nvidia stocks suffered the most. It has been the biggest gainer among the US-based companies from the AI boom. This company designs and manufactures AI-empowered next generation chips. Bloomberg Billionaires Index has revealed that due to the tech selloff, Huang’s wealth dipped by a whopping 20% or $20.1 billion, that of Larry Ellison (Oracle Corp. co-founder) by $22.6 billion and that of Michael Dell by $13 billion.
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The news of Chinese AI developer DeepSeek wrecked havoc on the US stock markets driving down the market capitalisation of the stars of Wall Street such as Nvidia, Microsoft, Oracle, Alphabet and Amazon which are household names not only in the US but in India as well. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
