Nvidia’s market cap plunged by nearly $600 billion, the largest single-day loss in U.S. history, as its stock fell 17% to $118.58. The drop was triggered by competition from China’s DeepSeek, which unveiled a cost-effective AI model. Concerns over declining GPU demand also impacted Broadcom, Dell, and Oracle. Analysts believe AI growth will boost compute demand long-term. Nvidia CEO Jensen Huang’s net worth dropped by $21 billion. DeepSeek’s app surpassed ChatGPT as the most-downloaded in the U.S., escalating the global AI race.