Despite the negative financial impact, Nvidia praised DeepSeek’s breakthrough. “DeepSeek is an excellent A.I. advancement and a perfect example of test time scaling,” a company spokesperson told Observer in a statement.

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In what marks the largest single-day drop in stock market history, Nvidia's valuation has been hit by China's answer to ChatGPT.

Nvidia CEO Jensen Huang says he uses AI chatbots like OpenAI’s ChatGPT or Google’s Gemini to write his first drafts for him.

Mostly known only in gaming and crypto circles a few years ago, Nvidia burst into the zeitgeist after seeing its sales surge because customers wanted its chips to train their chatbots and other artificial intelligence products.

Then there is the hype question. Since Chat GPT set off the AI gold rush in late 2022, Nvidia has been the ultimate “picks and shovel” play. But like investment in the early days of the internet, the AI boom has so far been based more on the belief that it will change everything than hard evidence that it can generate returns.

DeepSeek, the new player on the scene, is a Chinese company that has been making huge waves in AI development. Its powerful technology could change things such as healthcare, finance – and even the way we interact with the internet. Investors are excited because they see DeepSeek as a potential leader in shaping the next generation of AI tools.

AFR Weekend asked some of the nation’s top investors what they think the emergence of Chinese disruptor DeepSeek means for the US chipmakers future.