How DeepSeek Sank The Stock Market

股票市场下沉了多深度

The Journal.

2025-01-30

21 分钟
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单集简介 ...

Last week, the Chinese company DeepSeek debuted a new AI model -- and overturned years of conventional wisdom about what it takes to build great AI. The shock unleashed a $1 trillion bloodbath on Wall Street. WSJ’s Stu Woo and WSJ’s Gunjan Banerji unpack DeepSeek's achievement and the market chaos it unleashed. Further Reading: -How China’s DeepSeek Outsmarted America  -The Day DeepSeek Turned Tech and Wall Street Upside Down  Further Listening: -The Company Behind Chat GPT  -The Hidden Workforce That Helped Filter Violence and Abuse Out of ChatGPT  Learn more about your ad choices. Visit megaphone.fm/adchoices
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单集文稿 ...

  • So what was one of your first clues?

  • That Monday was going to be an interesting day?

  • Yeah, it's funny.

  • I was actually commuting in from Long island on Monday morning.

  • I was on the Long Island Railroad and I looked at my phone, I was checking my emails, obviously checking the markets.

  • That's my colleague Gunjan banerjee.

  • She hosts WSJ's take on the Week podcast and has covered markets and investing for the Journal for years.

  • And I see that futures contracts tied to the NASDAQ composite were down more than 4%,

  • which was really an eye popping move.

  • We had not seen a move of that magnitude in quite some time.

  • Something was going down in the stock market and by the time Gunjan made it to the office,

  • things had gotten even wilder.

  • I get to my desk and, you know, around the time the market opens at 9:30,

  • I think everyone is kind of glued to their screens at that point and they see

  • that this really ugly day for the stock market is beginning.

  • All three major indexes are down a bunch.

  • Nvidia, of course, is down double digits.

  • Nvidia, the AI chip maker, its stock was tanking.

  • We could be looking at the biggest drop in market cap on record here for Nvidia, when you take a look.

  • At the red across the screen, specifically.