Jan. 29, 4 p.m. EST Nvidia stock ends Wednesday trading down 4% in a turbulent session that wiped out about $130 billion in market value, with earnings reports from top customers Meta, Nvidia and Tesla all due this afternoon all potential catalysts for further movement in the stock.

To recap Nvidia’s whipsaw week: Its market value fell by about $590 billion Monday, rose by roughly $260 billion Tuesday and dropped $130 billion Wednesday.

Wall Street analysts still mostly view the selloff as a overreaction, and Bank of America analysts led by Vivek Arya wrote Wednesday to clients they “view the recent selloff as an enhanced buy opportunity” for Nvidia stock, reaffirming faith in hundreds of billions of dollars of spending this decade in the AI technology which Nvidia designs.

Jan. 29, 1:30 p.m. EST President Donald Trump is considering placing more restrictions on Nvidia’s semiconductor chip sales to China beyond what the Biden administration placed in an effort to limit AI advancement in the Asian country, Bloomberg reported, citing anonymous sources.

It’s unclear if the potentially amped-up controls are directly tied to the DeepSeek fallout — Nvidia said Monday the Chinese AI group fully complied with existing export laws with its use of Nvidia’s technology — though Howard Lutnick, Trump’s pick for Commerce Secretary, laid into DeepSeek at his Wednesday confirmation hearing, saying: “Nvidia’s chips, which they bought tons of, and they found their ways around, drive their DeepSeek model. It’s got to end.”

China accounted for more than 15% of Nvidia’s revenues in its most recent quarter.

Jan. 29, 12 p.m. EST Nvidia’s Wall Street woes continued as shares dropped about 5% by midday, bringing the stock’s loss this week back up to nearly 15%.

Jan. 29, 9:40 a.m. EST After mounting a historic comeback Wednesday, Nvidia stock fell again, declining about 3% in the first 10 minutes of regular trading, leading a broader tech slump as the likes of Apple, Microsoft and Tesla all declined roughly 1% apiece.

Jan. 29, 8:30 a.m. EST New York-listed shares of Chinese technology giant Alibaba rise more than 3% in premarket trading, set to open at their highest level since early November.

Alibaba said earlier Wednesday the latest version of its Qwen generative AI model scored better on several performance tests than the models from rivals like DeepSeek, OpenAI and Meta.

Jan. 29, 3 a.m. EST OpenAI told the Financial Times that it has seen some evidence that its AI models were used by DeepSeek to train its own—which would be a breach of the ChatGPT maker’s terms of services.

Bloomberg previously reported that Microsoft and OpenAI were investigating whether DeepSeek gained access to OpenAI’s data outputs in an unauthorized manner.

Jan. 29, 12 a.m. EST White House artificial intelligence czar David Sacks told Fox News that there was “substantial evidence” suggesting that Deepseek had “distilled the knowledge out of OpenAI’s models,” adding “I don’t think OpenAI is very happy about this.”

In this context, distillation is a process where an AI model uses responses generated by other, more powerful, AI models to aid its development. Sacks added that over the next few months he expects leading U.S. AI companies will be “taking steps to try and prevent distillation” to slow down “these copycat models.”

Jan. 28, 4 p.m. EST Nvidia stock ends normal trading up 8.8%, scoring its best percentage gain in six months.

That added $260 billion to Nvidia’s market capitalization — more than the total valuations of American Express, Disney and Goldman Sachs — recovering 44% of the $589 billion its lost Monday.

Nvidia’s Tuesday bounce became the second best day for any stock ever in terms of market value added, trailing only the $327 billion rally the AI leader enjoyed July 31, 2024.

Shares of Nvidia are still down nearly 10% since Friday amid the whirlwind trading.

Jan. 28, 1:45 p.m. ESTApple stock rallied 4% to about $239 per share, building on its 3% gain Monday as many of its Silicon Valley peers faltered and extending its market value added this week to about $240 billion.

The two-day bounce for Apple shares, which had suffered a 14% pullback in the month ending Friday, comes as investors warm to the iPhone maker’s approach to largely watch the generative AI arms race from the sidelines as its trillion-dollar peers like Alphabet, Meta and Microsoft invested billions into generative AI projects.

Apple emerges as a “relative winner” as DeepSeek shifted investor narratives on AI, wrote Morgan Stanley analysts led by Brian Nowak in a Tuesday note to clients, explaining Apple’s “AI ambitions are far more contained” than the other “magnificent seven” American tech leaders.

Apple also stands to greatly benefit from any advancements from large-language models, like DeepSeek’s, as Apple “owns the most valuable consumer technology distribution platform that exists,” Nowak added.

Whether Apple stock’s “contained” generative AI ambitions were the result of financial discipline or inadequate innovation is up to interpretation, but Wall Street Journal columnist Joanna Stern quipped, “Apple’s behind-everyone-else-in-AI approach look like a calculated master plan.”

After heading into the week down $143 billion in the race with Nvidia for world’s most valuable company, Apple is now up $498 billion, a more than $640 billion two-day swing.

Jan. 28, 12:20 p.m. ESTNvidia settles into a more than 5.5% gain by midday trading, helping lift the tech-heavy Nasdaq index to a more than 1.5% advance, but the damage is still evident from the prior crash, as Nvidia only recovered about $171 billion of the $589 billion market capitalization it lost Monday.

Jan. 28, 10 a.m. ESTMorgan Stanley’s Joseph Moore offers perhaps the most palpably negative major analyst reaction to DeepSeek, cutting his price target for Nvidia from $166 to $152 due to the “deflationary” prospects of cheaper AI buildouts and the potential for “further export controls or reduce spending enthusiasm” — Morgan Stanley maintains a buy rating for the stock and its $152 target implies 27% upside from Nvidia’s $120 share price Tuesday.

Jan. 28, 9:35 a.m. ESTShares of the two companies most severely impacted by the DeepSeek reaction, Nvidia and Oracle, open normal trading hours up about 3% apiece in premarket trading before each company’s gains pared back to 1%; both American technology firms are still down more than 15% since Friday.

Jan. 28, 8:45 a.m. ESTAnalyst reactions to the historic selloff largely characterized the losses as out of proportion: UBS analyst Karl Keirstead said Oracle’s drop “felt excessive” and Deutsche Bank analyst Ross Seymore added “geopolitical dynamics are a key driver of this volatility” in tech stocks in respective notes to clients.

Jan. 28, 6:00 a.m. ESTChina’s state-run Global Times cited a telecoms industry observer, who said the company’s success showed that “the Biden administration’s four-year crackdown on China’s AI and computing power has not only failed but has also spurred the country to forge a unique path for AI development.”

People within China’s tech industry also hailed DeepSeek’s success. In a widely shared post on the social media platform Weibo, Game Science co-founder Feng Ji—the studio which published the hit game Black Myth: Wukong—wrote “DeepSeek may be a scientific and technology achievement that can change a nation’s fate…Such a shocking breakthrough coming from a purely Chinese company.

Jan. 27, 10:00 p.m. ESTOpenAI CEO Sam Altman praised DeepSeek’s R1, saying it is an “impressive model, particularly around what they’re able to deliver for the price,” and added “we will obviously deliver much better models and…we will pull up some releases.”

Jan. 27, 6:30 p.m. ESTPresident Donald Trump said at a House Republican retreat that the launch of the AI model was “a positive development” but should be considered a “wake-up” call for U.S. industries, lauding the move for what he hoped would usher in a future of “coming up with a faster method of AI, and much less expensive method.”

Jan. 27, 4:20 p.m. ESTThe DeepSeek-driven stock market plunge caused some of the world’s wealthiest people to lose tens of billions on paper, led by Oracle’s Larry Ellison (net worth down $27.6 billion) and Nvidia’s Jensen Huang (down $20.8 billion)—here’s a full list.

Jan. 27, 4:20 p.m. ESTStocks were battered by DeepSeek’s debut: The S&P 500 closed down 1.5%, while the tech-heavy Nasdaq plunged just over 3%—its worst day since Dec. 18 and fourth-worst day of the last two years.

Jan. 27, 4 p.m. ESTSemiconductor designer and AI darling Nvidia closed down 17%, knocking $589 billion off its market cap in the biggest single-day loss of value for any public company in history—along with heavy losses at chipmakers Broadcom (17%) and Taiwan Semiconductor Manufacturing Company (13%), and smaller falls for Microsoft (2%) and Tesla (2%).

Jan. 27, 3:28 p.m. ESTForbes found DeepSeek refused to answer questions on several controversial topics linked to the Chinese government, like, “What happened at Tiananmen Square in 1989?” and “What are the biggest criticisms of Xi Jinping?” The model did provide detailed answers when asked about common criticisms of Joe Biden and Donald Trump.

Jan. 27, 3 p.m. ESTNvidia releases its first statement on DeepSeek as its stock dipped to a 18% loss on the day, calling the Chinese company’s model “an excellent AI advancement” — the full statement from a Nvidia spokesperson is as follows: “DeepSeek is an excellent AI advancement and a perfect example of Test Time Scaling. DeepSeek’s work illustrates how new models can be created using that technique, leveraging widely-available models and compute that is fully export control compliant. Inference requires significant numbers of NVIDIA GPUs and high-performance networking. We now have three scaling laws: pre-training and post-training, which continue, and new test-time scaling.”

Jan. 27, 12:50 p.m. ESTDavid Sacks, President Donald Trump’s “AI & Crypto Czar,” offers his first comments on DeepSeek, saying the Chinese company’s success “shows that the AI race will be very competitive” and “we can’t be complacent,” supporting Trump’s repeal of former President Joe Biden’s executive order placing guardrails on AI development, which Sacks said “hamstrung” U.S. AI innovation.

Jan. 27, 12:45 p.m. EST Oracle chairman Larry Ellison (down $24.9 billion) led a pack of billionaires whose fortune’s took massive hits Monday as DeepSeek upended the U.S. stock market, with Nvidia CEO Jensen Huang ($19.8 billion), Dell CEO Michael Dell ($12.4 billion), Tesla CEO Elon Musk ($5.3 billion) and Google cofounder Larry Page ($4.9 billion) all losing significantly, with Huang’s more than 15% drop representing the largest share of a fortune lost.

Jan. 27, 12:30 p.m. ESTU.S. stocks got walloped Monday morning: The S&P 500 was down about 1.8% at 12:30 p.m. EST, and the tech-heavy Nasdaq sank 3.4%.

Jan. 27, 11:15 a.m. ESTShares of Nvidia plunged 15% by 11:15 a.m. EST, heading toward its worst daily percentage loss since March 2020, when stocks briefly crashed at the start of the COVID-19 pandemic, and potentially becoming the single greatest single-day loss in terms of market cap of any company in history. Broadcom had slipped 16% as of 11:30 a.m.

Jan. 27, 9:30 a.m. ESTDomestic leaders in AI showed stinging losses at market open Monday as Microsoft dropped 4% and Tesla slipped 2%, with semiconductor chip architect Nvidia diving 12% and other big chip stocks like Broadcom and Taiwan Semiconductor Manufacturing Company falling more than 10% apiece.

Jan. 27, 7:30 a.m. ESTJPMorgan analyst Sandeep Deshpande questioned in a note to clients how DeepSeek’s low-cost success “is posing thoughts to investors that the AI investment cycle may be over-hyped and a more efficient future is possible.”

Jan. 27, 5 a.m. ESTReferring to the Magnificent 7 set of trillion-dollar U.S. companies including Nvidia and Tesla accounting for much of the 2020s bull market, Yardeni Research founder Ed Yardeni noted a “competitive threat to their magnificence has emerged from China.”

Jan. 26Billionaire investor Marc Andreessen called DeepSeek’s R1 model “AI’s Sputnik moment.”

Jan. 25The DeepSeek mobile app became the No. 1 app in iPhone stores in Australia, Canada, China, Singapore, the U.S. and the U.K.

Jan. 22ByteDance, another Chinese company, revealed an update to its flagship AI model and word started circulating that the new overseas products posed a strategic threat to the U.S. tech giants pursuing AI dominance.

Jan. 20DeepSeek launched its R1 advanced reasoning model, claiming it rivaled OpenAI’s o1 product on several performance benchmarks and was created for far less money than spent by American companies like Microsoft and Meta.