DeepSeek shocks tech markets

The trading week began with DeepSeek toppling ChatGPT as the top-rated free application on Apple’s app store in the U.S. The news sent shockwaves across the U.S tech market. Developed in China, DeepSeek, many say (including Silicon Valley) is better and faster than ChatGPT. It’s an open-source model that was developed at a fraction of the cost of its competitors. This event triggered an avalanche in selling of nearly every stock associated with American AI.

Nvidia tanked 16.91% and lost nearly US$600 billion in market value, a record. Vistra slid 28.27%, Constellation Energy sank 20.85% and Broadcom fell 17.4%. However, Apple actually rallied by 3.18%. The U.S. 10-year retreated to 4.534% while Bitcoin closed down 2.35% to US$102,100. The selling forced the Nasdaq 3.07% lower while S&P declined 1.46% abd the Dow inched up 0.65%.

Toronto saw less weakness as the TSX decreased 0.7%. Eight sectors lost ground, led by tech, while telcos was among the few gainers. Major Canadian movers: Celestica -28.04%, Cameco -15.04%, TransAlta -20.57%, while Aritzia climbed 0.73% to a new all-time high. Gold retreated US$27 to US$2,743 as WTI sank US$1.60 to US$73.05.

💾 NVIDIA Corporation (NVDA-Q) -16.91%

💡 Vistra (VST-N) -28.27%

💡 Constellation Energy (CEG-Q) -20.85%

🧬 Broadcom (AVGO-Q) -17.4%

🍎 Apple Inc (AAPL-Q) +3.18%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.35%

🧬 Celestica Inc (CLS-T) -28.04%

⛏ Cameco Corporation (CCO-T) -15.04%

💡 Transalta Corp (TA-T) -20.57%

👗 Aritzia Inc. (ATZ-T) +0.73%