Technology shares took a significant hit on Monday, continuing a global market rout sparked by the unveiling of a cost-effective AI model from Chinese start-up DeepSeek. This new model, which promises to deliver AI capabilities at a fraction of the cost, has sent shockwaves through the tech industry, prompting a re-evaluation of the valuations and dominance of AI giants like Nvidia. Nvidia itself saw a staggering $593 billion wiped from its market value in just one day, marking the largest single-day loss ever for any company. The ripple effects were felt worldwide, with key Japanese companies experiencing sharp declines. This event underscores the vulnerability of market valuations built on the AI boom and has investors questioning the sustainability of these tech giants' market positions. The introduction of DeepSeek by a relatively unknown start-up from Hangzhou, with backing from Liang Wenfeng of High-Flyer, has not only challenged the status quo but also highlighted the intensifying competition in the AI sector.