Friends
What a crazy way to start what was going to be a crazy week anyway. The AI world was turned upside down by DeepSeek, a Chinese startup company that boasts performance on par with Open AI’s (Chat GPT) latest models. The kicker is that DeepSeek says its popular AI version was created for less than $6 million using an open platform. That’s about as deep as I can go in this subject but suffice it to say the AI stock complex was totally shaken. Chip darlings Nvidia and Broadcom were down about 17% for the day causing the Nasdaq to fall more than 3 %.
Stocks were all over the place today. By the close, the Dow Jones Industrial Average was up 289 points to finish the day at 44,713. The S&P 500 was down 88 points to close at 6,012. The aforementioned Nasdaq was down 612 points to close at 19,341. Gold was down $35 to trade at $2,743 per ounce, while oil was down $1.60 to trade at $73.05 per barrel WTI.
Remember we have a plethora of corporate earnings releases and a Fed FOMC meeting this week too. Holy cow! Hold onto your hats, it’s going to be a wild week.
Have a nice evening everyone.
Jim
