Today could be a very red day in the stock market, and DeepSeek might be to blame. China's AI startup DeepSeek has captured the attention of enthusiasts ever since its launched its latest reasoning AI model,

DeepSeek released an open-source artificial intelligence model in December, saying it took only two months and less than $6 million to create it.

Nvidia shares closed down almost 17%, posting its biggest drop since March 2020 and erasing nearly $600 billion from the company's market cap. Broadcom fell 17.4%, and other chip stocks like Micron declined 11.

Chinese tech startup DeepSeek has come roaring into public view shortly after it released a model of its artificial intelligence service that seemingly is on par with U.S.-based competitors like ChatGPT,