Nvidia’s market cap drops by almost $600 billion amid DeepSeek R1 hype.

As Chinese AI startup DeepSeek draws attention for open-source AI models that it says are cheaper than the competition while providing similar or better performance, AI chip king Nvidia’s stock price dropped today.

CNBC said that after closing at $118.58, down 17 percent, this was “the biggest drop ever for a U.S. company.”