US stocks and shares in chip-making giant Nvidia on Tuesday (Jan 28) clawed back some of their losses following a steep sell-off a day earlier triggered by the sudden success of Chinese artificial intelligence firm DeepSeek.
American tech shares tanked Monday, with Nvidia tumbling almost 17 per cent, after China's DeepSeek unveiled its R1 chatbot, which it claims can match the capacity of top US AI products for a fraction of their costs. Nvidia, which designs chips used in AI applications, clawed back gains of 8.9 per cent on Tuesday, leaving it well below last week's levels.
All three major indices on Wall Street finished higher, with the Nasdaq Composite rising 2 per cent buoyed by a rise in tech stocks, reversing some of its losses from Monday. The S&P 500 rose 56.42 points to 6,067.70, the Dow Jones Industrial Average rose 137.77 points to 44,850.35 while the Nasdaq composite rose 391.75 to 19,733.59 points.
Elsewhere, European stock markets were mixed while oil prices inched up, as traders awaited interest-rate decisions from the US Federal Reserve and European Central Bank this week.
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