Nvidia is facing the biggest single-day market value loss in history, according to a report by Forbes, as the release of an open-source AI model called R1 by China-based DeepSeek has cut more than $600 billion from its valuation,

Nvidia stock price rally led a 2% rally on Nasdaq. The recovery in AI darling Nvidia shares came a day after the stock saw a sharp 17% drop, erasing about $593 billion from its market value in the biggest single-session loss for any company on Wall Street.

Shares of Nvidia (NASDAQ:NVDA) plunged 16.86% on Monday, wiping out $589 billion in market value, following the debut of DeepSeeks new AI models. The sell-off marked the largest single-day market value loss in history,