Brief by Shorts91 Newsdesk / 07:58am on 28 Jan 2025,Tuesday Business
Wall Street faced a historic downturn, losing $1 trillion in market value as the Nasdaq dropped 3%. The panic stemmed from China's AI startup DeepSeek, which unveiled a cost-effective chatbot rivaling OpenAI and Google. Nvidia saw a 13% plunge, erasing $465 billion, while Broadcom fell 12%. Global indexes followed suit, with Europe’s Stoxx 600 down 0.4%. Experts warn this signals a shifting AI landscape. Investment Analyst Bret Kenwell noted, "Panicking rarely helps; investors must remain disciplined." Fidelity’s Tom Stevenson emphasized the implications for AI's future and tech dominance.
