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On Monday, US equities commenced trading with notable declines, as the Nasdaq Composite Index plummeted 3.6% and the S&P 500 Index shed 2.2%. The tech sector bore the brunt of the selling pressure, primarily triggered by DeepSeek's unveiling of the R1 large language model and the subsequent market anxiety regarding the financial implications of competitive models for American corporations. Consequently, the cumulative market capitalization of the top ten tech giants listed on Nasdaq dwindled by approximately $1 trillion at the market open. NVIDIA experienced the most significant loss, with its market value plummeting by $447.7 billion and a steep opening decline of 13%. Similarly, Broadcom and Microsoft both witnessed market value erosion of roughly $150 billion, with Broadcom's shares diving 14%.
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