Nvidia's market value dropped more than $500bn after the emergence of DeepSeek - a low-cost chatbot built by a Chinese AI firm.

President Donald Trump said Jan. 27 that DeepSeek’s release “should be a wake-up call for our industries that we need to be laser focused on competing to win.”

Chinese AI startup DeepSeek rocked the U.S. tech sector by releasing an AI model that appeared to rival those built by leading AI labs—at a fraction of the price.