On January 27, 2025, Nvidia experienced its largest single-day market value drop of 17%, wiping out approximately $600 billion, setting a record for the largest single-day market value loss by a single company in U.S. stock market history. The trigger for this plunge was the release of a low-cost, open-source large model, DeepSeek-R1, by the Chinese company DeepSeek. In 2023, Nvidia's stock soared by 239%, followed by another 171% increase in 2024. The rocket-like rise in its stock price had already caused some investors to question whether its valuation had reached a peak. Satya Nadella, CEO of Microsoft, a major supporter of OpenAI, recently expressed concerns in an interview: "If current AI companies cannot deliver real GDP growth and if there is no genuine demand to support the products they develop, they will eventually collapse and disappear." Is the current AI market frenzy and soaring stock prices based on the company's real fundamentals, or is it driven by irrational exuberance? This epic single-day drop evokes memories of the dot-com bubble 25 years ago. Back then, when the Nasdaq index reached a historic high of 5,048 points in March 2000, Wall Street similarly failed to foresee that the internet revolution, symbolized by ".com," would evaporate $6.5 trillion in market value within two years, causing Amazon's stock price to plummet by 90% and Sina's by more than 98%. Today, DeepSeek, as a representative of Chinese enterprises, not only intensifies global technological competition with its potential in technological breakthroughs and cost control but also prompts a deeper reflection on the valuation bubble in the AI industry.
2025年1月27日，輝達市值單日最大跌幅達17%，市值蒸發約6000億美元，創下美國股市歷史上單家公司單日市值損失的最高紀錄。此次暴跌的導火索是中國企業DeepSeek發佈了一款低成本、開源大模型DeepSeek-R1。2023年，輝達股票一路狂飆，上漲了239%；2024年又再度上漲171%。其股價的火箭式上升已令部分投資者產生疑慮，擔憂估值是否已觸及頂點。作爲OpenAI主要支持者的微軟，其CEO薩提亞•納德拉在近期採訪中明確表示擔憂："當前的AI公司如果不能帶來真正的GDP成長，如果沒有真實需求來支撐其開發的產品，它們終將崩潰消亡。" 當下AI市場的狂熱和飆升的股價究竟是基於公司的真實基本面，還是源於非理性繁榮？此次史詩級單日大幅下跌更讓人聯想到25年前網路時代的那場泡沫。當年那斯達克指數在2000年3月攀升至5048點的歷史高位時，華爾街同樣未曾預見，這場以「.com」爲象徵的網路革命將在兩年內蒸發6.5兆美元市值，導致亞馬遜股價暴跌90%，新浪股價跌幅更是超過98%。如今，DeepSeek作爲中國企業代表，在技術突破和成本控制上的潛力不僅加劇了全球技術競爭，也引發市場對AI行業估值泡沫的深層次反思。