DeepSeek AI model spooked the market to question the enormous investment in AI. Correspondingly, U.S. chip stocks slumped overnight (27th), as Philadelphia Semiconductor Index dived more than 9%, representing the steepest one-day slide since March 2020. Nvidia (NVDA.US)      ’s market cap wiped off by nearly US$600 billion in a single day. The landslide of global semiconductor stocks persisted into the Asian morning market.

Japan's techs stumbled, with Nvidia’s supplier Advantest cratering 10% today (28th), following yesterday's almost 9% plunge. Chip equipment maker Tokyo Electron collapsed more than 5%, while SoftBank, which invests in tech startups, tumbled 6%. Bourses in South Korea and Taiwan remained closed, with Samsung Electronics down 3.6% in the U.K. and TSMC (TSM.US)      down 13.3% in the U.S. overnight.

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OpenAI CEO Sam Altman said in a social media post that the DeepSeek model was impressive, adding that OpenAI will deliver better models and is thrilled by the emergence of new competitors.
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