Nvidia was falling early Friday as politicians and Big Tech firms comment on the effects of Chinese firm DeepSeek’s apparently low-cost AI.

Leading the swing were Apple and Nvidia, both Silicon Valley giants with significant dealings in China, as shares of Apple went from as much as a 4% morning gain to a 2% daily loss by late afternoon, and Nvidia stock turned what was as much as a 3% gain to a 3% daily drop.

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.

Global investors staged a broad selloff in technology stocks on Monday, wiping out a staggering $593B in market value from Nvidia — an unprecedented one-day loss for any firm on Wall Street.

Stocks rose Friday as Apple led a broad rally following a strong investor reaction to its quarterly earnings report and the market closes out a whirlwind week highlighted by Nvidia’s record-breaking losses in reaction to China’s DeepSeek cheaper AI model and a flurry of earnings reports.

Nvidia’s AI leadership remains intact, despite DeepSeek concerns. Read why NVDA stock’s steep drop represents a great opportunity for long-term investors.