Shares of chipmaker Nvidia (NVDA) plummeted 17% on Monday and lost nearly $600 billion in market value. The decline was triggered by the

Tuesday’s session followed a start to the week that marked Nvidia’s worst day in years, as a roughly 17% drop led to a loss of nearly $600 billion in market value.

Retail investors bought a record amount of Nvidia stock on Monday after concerns over a low-cost artificial intelligence model from Chinese startup DeepSeek stripped 17% off its shares, or $593 billion from its market value.

Brian Colello at Morningstar maintained his target price of $130 per share on Nvidia stock following the DeepSeek news. "We doubt the leading cloud vendors and AI builders will pause their plans," he wrote in a note to clients. "We still think tech firms will continue to buy all the GPUs they can as part this AI gold rush."

Nvidia stock jumped in Europe on Wednesday, suggesting shares in the company at the heart of the artificial intelligence markets boom may recover further after a steep drop this week triggered by the rise of China's DeepSeek AI tool.