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US stocks plummeted after Chinese AI start-up DeepSeek unveiled a low-cost, high-performance AI model, causing Nvidia to drop 17.4% and dragging down the Nasdaq composite by 3.5%. This disruption led to significant losses for tech giants like Meta and Alphabet, with implications for the broader market as investors question US tech industry dominance and explore opportunities in undervalued Chinese AI companies. The news also triggered a massive rotation out of AI-related investments, impacting energy companies and cryptocurrencies, signaling a shift in market sentiment and potential volatility ahead.
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