Futures tumble as DeepSeek sparks chip meltdown, crypto scam tokens flood Solana and Ethereum

Nvidia is the main market casualty in the article after DeepSeek, a Chinese AI startup, released competitive R1 and V3 models reportedly trained on just over 2,000 Nvidia H800 GPUs. The news triggered a broad selloff in chip stocks and futures as investors questioned whether AI progress requires as much advanced hardware spending as previously believed. The article says Nvidia lost about $589 billion in market cap in a single day, underscoring a major repricing of the semiconductor AI thesis. It also notes DeepSeek’s valuation reportedly rose above $50 billion. Separately, the piece highlights a crypto scam response, with fake “DeepSeek AI” tokens quickly appearing on Solana and Ethereum, though these are not official products and are framed as fraudulent.