<p>A newly released AI app from Chinese firm DeepSeek has sent several of the top Silicon Valley stocks into a deep dive Monday.</p>
<p>DeepSeek was released this weekend and has become the No. 1 app downloaded on Apple&#8217;s App Store. The company reportedly used only $5 million to create its AI technology, which is a fraction of what&#8217;s being spent at OpenAI, Apple and Meta.</p>
<p>NVIDIA and Broadcom have been the biggest beneficiary of the surge in AI technology for demand in their chips used in AI data centers.</p>
<p>Shares in NVIDIA plunged 16.8% and Broadcom was down 17.4%, wiping out over $700 billion of stock market value of these two companies in one day.</p>
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