Apple closes up amid US tech stock washout from China AI startup DeepSeek
The US market dipped amid the release of Chinese firm DeepSeek’s latest AI model, which can supposedly perform as well as ChatGPT for a fraction of the cost.
Apple, Meta and Amazon were the only three “magnificent seven” tech stocks that withstood a wide market rout amid panic over Chinese artificial intelligence firm DeepSeek’s latest model, which supposedly rivals OpenAI’s ChatGPT.
Apple (APPL) closed up 3.18% on Jan. 27, while Meta Platforms (META) gained 1.91%. Amazon also just crept over the line, closing up 0.24% on the day.
Meanwhile, shares in chip maker Nvidia Corp (NVDA) closed down nearly 17% on Jan. 27, wiping out almost $600 billion in value — the largest one-day value drop in US stock market history.
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Author: Brayden Lindrea
