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Chinese AI App DeepSeek Sparks Market Turmoil, $500bn Wiped from Nvidia and US Tech Giants

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Chinese AI App DeepSeek Sparks Market Turmoil, $500bn Wiped from Nvidia and US Tech Giants

The emergence of Chinese AI app DeepSeek has triggered shockwaves across the US tech industry, leading to a significant drop in stock prices for major companies. AI chipmaker Nvidia saw its value plummet by 16%, losing $500 billion in market capitalization. Rival Broadcom also suffered a sharp decline, with shares falling 17.8%, while other tech giants like Microsoft and Meta experienced notable losses.

DeepSeek has quickly risen to become the most downloaded free app in the United States, overtaking popular rivals like ChatGPT. Its reported development cost of just $6 million has sent ripples through the industry, challenging the traditional notion that groundbreaking AI technology requires multibillion-dollar investments.

In stark contrast, companies like Microsoft and Meta have committed vast sums to AI development, with investments of $80 billion and $60–65 billion, respectively. DeepSeek’s meteoric rise suggests that a lower-cost, open-source approach may disrupt existing business models and redefine what is possible in AI.

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The sudden market turmoil underscores concerns about America’s dominance in artificial intelligence. Investors are now questioning whether US tech companies can maintain their competitive edge against cheaper, innovative alternatives like DeepSeek.

Nvidia, a key player in AI chip manufacturing, experienced the most significant blow, as the app’s success has called into question the scalability and profitability of existing AI strategies reliant on expensive infrastructure.

DeepSeek’s rise highlights the potential for more cost-effective, innovative solutions in AI development. While its reported $6 million development budget remains disputed by some industry experts, it has already shifted perceptions of what achieving AI breakthroughs might cost.

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This development could pave the way for smaller companies and governments to explore AI without the need for massive financial resources. In the UK, where the government is banking on AI to drive economic growth and reduce public service costs, such advancements could serve as inspiration for future projects.

Despite its success, DeepSeek’s rapid rise also raises questions about its long-term sustainability, data privacy, and the technology underpinning its platform. As researchers and analysts delve deeper into its model, the app’s low-cost development claims may face scrutiny.

The DeepSeek phenomenon has upended the AI market, challenging entrenched economic assumptions and sparking uncertainty for US tech giants.

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UN Warns Torture Allegations Persist in Venezuela Despite Maduro’s Removal

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UN Warns Torture Allegations Persist in Venezuela Despite Maduro’s Removal

The United Nations says it has received troubling reports that detainees in Venezuela continue to face torture and mistreatment even after the removal of former president Nicolás Maduro earlier this year.

Speaking to the United Nations Human Rights Council, UN High Commissioner for Human Rights Volker Türk said allegations indicate that serious human rights abuses may still be taking place inside the country’s detention system.

Maduro was captured by United States Armed Forces during a January operation and later transferred to US custody to face charges related to narcotics trafficking.

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Following his removal, former vice-president Delcy Rodríguez assumed power and has introduced an amnesty law aimed at freeing detainees. Türk welcomed the measure but warned that deeper human rights problems remain.

“Structural and systemic human rights concerns have persisted,” he said.

According to Türk, many Venezuelans remain in arbitrary detention despite the amnesty legislation passed last month. He noted that at least one child is among those reportedly being held.

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Authorities in Caracas say thousands of people have been granted freedom under the new law. The Venezuelan parliament — dominated by Maduro loyalists — claims more than 7,700 individuals have been released or had restrictions lifted.

However, the prisoners’ rights organisation Foro Penal says it has been able to verify the release of fewer than 700 detainees so far and estimates that more than 500 people remain imprisoned for political reasons.

Türk highlighted the gap between official figures and independent assessments, urging the Venezuelan authorities to provide more transparency.

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His office has requested an official list of detainees released under the amnesty law as well as unrestricted access to several detention facilities, but those requests have so far not been granted.

The UN also says it has received information indicating continued abuse of prisoners at detention centres including Rodeo 1 detention centre and Fuerte Guaicaipuro.

Türk’s remarks come shortly after the Independent International Fact‑Finding Mission on Venezuela updated the Human Rights Council on its latest findings.

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The mission reported that Venezuela’s repressive state structures remain largely intact despite Maduro’s removal and that institutions linked to previous abuses are still operating.

In earlier investigations, the mission documented numerous cases in which detainees were subjected to torture, sexual violence and other cruel or degrading treatment inside Venezuelan detention facilities.

Venezuelan officials have repeatedly rejected such accusations, describing previous UN reports as politically motivated and driven by hostile interests.

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Georgia Special Election to Replace Marjorie Taylor Greene Heads to Runoff

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Georgia Special Election to Replace Marjorie Taylor Greene Heads to Runoff

The race to replace former Georgia congresswoman Marjorie Taylor Greene is heading to a runoff after no candidate secured a majority in Tuesday’s special election.

Republican candidate Clay Fuller, who received the backing of US President Donald Trump, is projected to face Democrat Shawn Harris in the runoff to represent Georgia’s 14th congressional district.

The two candidates emerged from a crowded field of 17 contenders competing for the seat.

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Trump gave Fuller his “complete and total endorsement” in a post on Truth Social and reiterated his support during a rally in Rome, Georgia last month.

Tuesday’s vote is being seen as an early test of Trump’s political influence ahead of the upcoming 2026 United States midterm elections scheduled for November.

Speaking on election night, Fuller credited Trump for his strong showing.

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“For those of you who questioned how important Donald J Trump is to this country, to Georgia 14, and the state of Georgia, you see what this man means to this community, what he means to the people in this country, and what he means to the MAGA movement,” said Fuller, a former district attorney.

The runoff election between Fuller and Harris is scheduled for 7 April.

The winner will serve out the remainder of Greene’s congressional term, which ends in January. However, the victor will immediately need to begin campaigning again to secure a full term during the November midterms.

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Harris finished with the highest vote total on Tuesday night, likely benefiting from a split among Republican voters across the large number of GOP candidates in the race.

In the runoff, Harris will face only Fuller, who is expected to consolidate Republican support.

By Wednesday morning, Trump had already moved to rally support behind Fuller.

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“Clay Fuller is going to be a fantastic Congressman in representing the Great State of Georgia,” Trump wrote on Truth Social. “Now we have to be careful and finish it off. MAKE AMERICA GREAT AGAIN!!!”

Democrats have also begun mobilising support for Harris. Former presidential candidate Pete Buttigieg congratulated him in a message posted on X.

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Nepal Heads to the Polls in First Election Since Youth-Led Uprising

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Nepal Heads to the Polls in First Election Since Youth-Led Uprising

Millions of voters in Nepal have cast their ballots in the country’s first general election since violent youth-led protests toppled the government last September.

The demonstrations, driven largely by members of Generation Z, erupted over widespread concerns about corruption, economic stagnation and social inequality. The unrest turned deadly, with 77 people killed during clashes, many of them protesters shot by police.

The election is widely viewed as a turning point for Nepal’s political future, as established political figures compete against a younger generation of leaders seeking to channel the frustrations of Gen Z voters demanding sweeping reforms.

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Votes are being counted for all 275 seats in the country’s parliament, the House of Representatives of Nepal. Officials say the process could take several days, with final results not expected until next week.

Counting is particularly slow due to Nepal’s rugged mountainous terrain, which makes transporting ballot boxes difficult. In addition, votes are counted manually across many districts.

Nearly 19 million people were registered to vote in the 5 March election, including close to one million first-time voters. The Election Commission of Nepal said shortly after polls closed that turnout was expected to reach about 60%.

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Despite the country’s tense political climate, voting was largely peaceful. Security forces were heavily deployed nationwide to prevent unrest.

Among the leading figures in the race is former prime minister KP Sharma Oli, who was removed from office during last year’s protests. He is representing the Communist Party of Nepal (Unified Marxist–Leninist) and has insisted the protests were not a rejection of his leadership.

Another major contender is Balen Shah, a former rapper who stepped down as mayor of Kathmandu in January to challenge Oli in the closely watched Jhapa 5 constituency. Shah is running under the banner of the Rastriya Swatantra Party.

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Shah avoided direct interaction with journalists on Thursday, appearing briefly in his trademark black sunglasses before moving through a crowd of reporters without comment. Some members of Nepal’s media fear this approach could continue if he were elected to national office.

However, many younger voters say Shah’s energy and outsider status represent the kind of leadership Nepal needs, seeing him as a symbol of political renewal.

Meanwhile, Gagan Thapa of the Nepali Congress said the country’s youth are increasingly frustrated with what he described as “unholy alliances” and poor governance in previous coalition governments. He said his party is paying close attention to the demands of younger voters.

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Not everyone is convinced that the election will bring meaningful change. Rakshya Bam, a prominent Gen Z activist involved in last year’s movement, expressed skepticism.

“They want to sell the name of Gen Z and come into power so they are using the term Gen Z movement,” she said. “I don’t have much expectations from the elections.”

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