Speaker 1: The Nasdaq Monday, a sea of red as tech stocks tanked. Chipmaker Nvidia plummeted 17% with the biggest loss in market value for a U.S. company ever.

Speaker 2: This one is a doozy. It is definitely a larger sell-off than we've seen in the sector to date.

Speaker 1: The turmoil sparked by this new AI chatbot, DeepSeek R1 by a Chinese startup, operates like ChatGPT, designed to interact with users in a conversational way. The company figured out how to do it with fewer of Nvidia's pricey computer chips.

Speaker 3: It does look like investors are thinking that the beneficiaries now of artificial intelligence won't just be the chip manufacturers.

Speaker 1: DeepSeek also claims its model was developed in just two months for less than $6 million. If true, that's a fraction of the billions of dollars spent by American rivals.

Speaker 4: What they have demonstrated is they can get similar levels of performance with a lot more efficiency. And so, you know, that is where the real innovation here lies.

Speaker 1: Sheldon Fernandez has worked in the AI sector for years. He says DeepSeek is a wake-up call for Silicon Valley.

Speaker 4: So it really upends a lot of the business model that a lot of these companies were relying on to justify their very high valuations.

Speaker 1: Just last week, the U.S. president committed to a massive and expensive private sector deal to boost America's lead in the AI race.

Speaker 5: A new American company that will invest $500 billion at least in AI infrastructure in the United States.

Speaker 1: Even before the DeepSeek developments, the CEO of Anthropic AI told financial channel CNBC the U.S. shouldn't be complacent.

Speaker 3: If the United States can't lead in this technology, we're going to be in a very bad place geopolitically.

Speaker 1: At any time, a little-known company on a shoestring budget can step up the competition. Canadian companies also didn't escape today's market route. Some that were expected to benefit from the boom in AI, Adrienne, like Cameco and Transalta, their stocks lost between 15 and 20 percent. OK, that's big.

Speaker 3: Donald Trump tonight also came out saying that to him, this should be considered a wake-up call to some American companies.

Speaker 1: Perhaps not as combative as you might have expected from him about a Chinese company that is challenging American tech dominance, but as we know, that mood could change at any time. We do know that the U.S. has long stifled Chinese access to chip technology and AI, and I think you can expect some battles to brew on that front in the future. Absolutely. Nisha Patel, thank you. You're welcome.

Speaker 3: Thank you.