USA
US President Donald Trump praised the new AI chatbot released by Chinese company DeepSeek, which made tech stocks tumble on Monday.
"I view that as a positive, as an asset. So, I really think if it's, if it's fact and if it's true and nobody really knows if it is, but I view that as a positive because you'll be doing that too. So you won't be spending as much and you'll get the same result, hopefully," he said, while speaking at a Republican policy retreat in Florida.
DeepSeek says its chatbot uses less data and is cheaper than US equivalents, while offering the same quality.
Nvidia, an AI chipmaking giant, lost a sixth of its value and shares of other tech companies like Google and Microsoft likewise took a hit.
The S&P 500 fell 1.6% in early trading Monday. Big Tech stocks that have been the market’s biggest stars took the heaviest losses, with Nvidia down 11.2%, and they dragged the Nasdaq composite down 2.7%.
The DeepSeek chatbot had overtaken US rival ChatGPT in downloads on the Apple IPhone store by Monday.
"The release of the DeepSeek AI from a Chinese company should be a wake up call for our industry in that we need to be laser focused on competing to win," the US president added.
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