China's DeepSeek sets off AI market rout
The Hindu
Startup DeepSeek has rolled out a free assistant it says uses lower-cost chips and less data.
Nasdaq futures slumped and technology shares slid in Japan on Monday as surging popularity of a Chinese discount artificial intelligence model wobbled investors' faith in the profitability of AI and the sector's voracious demand for high-tech chips.
Nasdaq 100 futures were down 2.4% and S&P 500 futures by the Asia afternoon, and shares in Nvidia supplier Advantest fell 8.5% in Tokyo.
Startup DeepSeek has rolled out a free assistant it says uses lower-cost chips and less data, seemingly challenging a widespread bet in financial markets that AI will drive demand along a supply chain from chipmakers to data centres.
"It's a case of a crowded trade, and now DeepSeek is giving a reason for investors and traders to unwind," said Wong Kok Hoong, head of equity sales trading at Maybank.
AI-focused startup investor SoftBank Group slid more than 8%, on course for its biggest one-day fall since September 30. Last week it announced a $19 billion commitment to fund Stargate, a data-centre joint venture with OpenAI.
Chip-making equipment giant Tokyo Electron fell 5%.
Tech-heavy markets in Taiwan and South Korea were closed.
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