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Masa Depan Saham Teknologi yang Terguncang oleh DeepSeek

Masa Depan Saham Teknologi yang Terguncang oleh DeepSeek

Recovery Efforts in the Technology Stock Market

As the technology stock market begins to show signs of improvement, recent developments have once again caused uncertainty. On Tuesday (28/1), the giant AI chip manufacturer Nvidia (NVDA.O) struggled to recover from a spectacular loss triggered by the emergence of a low-cost artificial intelligence model from China. This model is seen as a threat to the dominance of American competitors.

Nvidia’s Market Loss

In the previous session, Nvidia lost a market value of $593 billion, marking the largest one-day drop ever experienced by any company. Meanwhile, stocks of companies involved in semiconductors, electricity, and infrastructure with AI exposure collectively plummeted over $1 trillion.

Market Fluctuations

Despite a 2% increase in Nvidia’s stock in the volatile trading on Tuesday (28/1), the figure still remains below the pre-market gains that exceeded 5%. Other AI-related companies saw mixed performances, with Oracle (ORCL.N) rising 1.4% and Micron (MU.O) falling 1.3%. Technology stocks in Europe also saw corrections during the trading session.

Impact of DeepSeek’s AI Assistant

The massive sell-off on Monday (27/1) was sparked by the launch of a free AI assistant from a Chinese startup, DeepSeek, which claimed to use less data and come at a much lower cost compared to existing services in the market. While there are doubts about DeepSeek’s cost claims, OpenAI CEO Sam Altman praised the model as “impressive,” and President Donald Trump called it a “wake-up call for our industry.”

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Shifting Views on China’s AI Capabilities

The emergence of DeepSeek in the AI scene has shaken the perceptions of many who previously believed that China was still years behind its major US competitors. Investors rushed to sell technology stocks everywhere, with repercussions felt from Tokyo to Amsterdam and Silicon Valley.

Market Uncertainty

Chief Investment Officer at Bokeh Capital Partners, Kim Forrest, expressed uncertainty about the returns on investments in the AI sector. While long-term sentiment on Wall Street remains positive, the short to medium-term outlook is still uncertain.

European Market Movements

In Europe, semiconductor companies like ASML (ASML.AS) and Infineon (IFXGn.DE) saw declines, while software company SAP (SAPG.DE) dropped following its latest quarterly results report. In the US, the Philadelphia Semiconductor Index (.SOX) fell 0.1% after experiencing its largest one-day percentage decline since March 2020.

No Room for Error

The sell-off highlighted the concentration of investor capital in a handful of high-valued stocks compared to the overall market. Before the drop on Monday (27/1), Nvidia’s stock price traded at nearly 60 times its earnings per share (P/E), compared to the overall S&P 500 index’s ratio of 22, according to LSEG data.

Role of Automation

Investors have borrowed significant funds to buy expensive technology stocks. The large sales on Monday (27/1) likely triggered selling of other assets to cover losses. With the increasing prevalence of algorithmic trading, this movement is exacerbated, according to Rob Almeida, Global Investment Strategist and Portfolio Manager at MFS International.

Upcoming Earnings Reports

Several technology giants, including Apple (AAPL.O) and Microsoft (MSFT.O), are scheduled to report earnings this week. Executives are expected to address concerns about their capital expenditures.

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[Translated and adapted from the original Indonesian article]

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