the chip maker saw its market value drop by $593 billion, the biggest one-day drop for any listed company on record.

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.

Nvidia climbed 8.8%, with the rally gaining steam throughout the day and closing near session highs. The stock at one point shortly after the open was in the red. That bounce comes after stock plunged 17% on Monday and slashed more than $595 billion from the company's valuation,