Nvidia loses $589 billion in market cap — broad stock plunge triggered by DeepSeek AI release

“Aside from using fewer GPU hours to train, the H800 chips that DeepSeek used to train its LLM have less performance than the H100 due to U.S. export restrictions.”

Nvidia lost $589 billion in a day. DeepSeek trained V3 on 2,048 H800s in two months. Export controls forced the weaker chips, and the weaker chips forced the efficiency. Nvidia’s answer is that inference still needs lots of Nvidia GPUs.