Nvidia’s stock plunged 13% as the Jan. 26 trading session began, erasing approximately $465 billion in market value.
This marks the largest single-day market cap decline in history, according to data from Bloomberg.
To illustrate the scale of this loss, Nvidia’s market cap reduction exceeds the $375 billion valuation of Ethereum, the world’s second-largest crypto.
This single-day loss also outstrips the combined market caps of leading digital assets, including XRP ($173 billion), Tether’s USDT ($139.3 billion), and Solana ($114.3 billion). Together, these assetszx have a cumulative market cap of $426.6 billion — almost $40 billion lower than Nvidia’s loss.
The downturn has been linked to the rise of Chinese AI startup DeepSeek, which recently unveiled a groundbreaking open-source AI model. Market observers suggest this model seriously challenges established players like OpenAI and Meta.
Meanwhile, reports indicate that DeepSeek may be utilizing as many as 50,000 Nvidia H100 chips to support its operations, raising questions about why Nvidia’s stocks are crashing.
As of press time, DeepSeek’s platform has restricted access, permitting registrations only from users with mainland China phone numbers.
Additionally, the Kobeissi Letter reported that the company is experiencing degraded services due to what it describes as a “large-scale malicious attack.”
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