Shares of chipmaker Nvidia plunged Monday, for its worst day since the global market selloff in March 2020 that the coronavirus pandemic triggered.

With Monday’s losses, Apple has retaken the title of world’s most valuable company and Nvidia’s value sank to around $2.8 trillion.

US chip-maker Nvidia led a rout in tech stocks Monday after the emergence of a low-cost Chinese generative AI model that could threaten US dominance in the fast-growing industry.

Chinese startup DeepSeek's AI Assistant on Monday overtook rival ChatGPT to become the top-rated free application available on Apple's App Store in the United States. Powered by the DeepSeek-V3 model,

DeepSeek topped the Apple App Store chart and sparked fears the Chinese company was quickly catching up with OpenAI's ChatGPT while costing far less.

In Amsterdam, Dutch chipmaking equipment company ASML slid 7%. In Tokyo, Japan’s Softbank Group Corp. lost 8.3% to pull closer to where it was before leaping on an announcement trumpeted by the White House that it was joining a partnership to invest up to $500 billion in AI infrastructure.