Perplexity CEO Aravind Srinivas increased his investment in Nvidia shares during the recent market downturn triggered by the emergence of the Chinese AI application DeepSeek. In a post on the social media platform X, Srinivas stated, “I just bought some more NVDA.” This comment came in response to a post by CNBC journalist Jim Cramer, who expressed concerns about Nvidia’s stock performance, stating, “There is no silver lining right now with Nvidia.”
On January 27, U.S. tech stocks and global markets faced significant pressure due to the low-cost Chinese AI app DeepSeek, which led to a staggering $593 billion loss in Nvidia’s market value, marking a 17 percent decline. This day recorded the largest one-day market-cap loss for Nvidia in Wall Street history, according to LSEG data. DeepSeek’s impact was particularly severe on Nvidia, but it also affected other tech companies.
On that same day, the tech-heavy Nasdaq index fell by 3.1 percent, primarily due to Nvidia’s unprecedented drop. Other companies also experienced declines, with Broadcom Inc. down 17.4 percent, Microsoft—backer of ChatGPT—down nearly 2.1 percent, and Alphabet, Google’s parent company, dipping 4.2 percent, as reported by Reuters.
DeepSeek’s advanced large language models have posed a challenge to leading AI firms by delivering comparable performance to Meta and OpenAI at a significantly lower cost. The app has even surpassed ChatGPT on Apple’s App Store in various regions, including the U.S., UK, Australia, Canada, China, and Singapore, further impacting tech stocks.
Social media reactions to Srinivas’s post were largely positive, with many users commending his decision. One user remarked, “You are the silver lining.” Another added, “Good move.” A different user expressed confidence in Nvidia’s recovery, stating, “I never believe what my TV says about stocks. I believe myself. And I believe NVDA will go up again. I hold and not selling. Americans need NVDA and don’t care what China does.” Another comment read, “I mean, that’s fair. If there’s no silver lining, might as well buy the dip.” One user concluded with an optimistic, “To the moon.”