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Tech stocks suffer worst week since April after $800bn AI sell-off (www.ft.com)

submitted 4 months ago by anoriginalthought@lemmy.ml to c/usa@lemmy.ml

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[–] PanArab@lemmy.ml 9 points 4 months ago (2 children)

https://archive.ph/8965P

The Chicago Federal Reserve’s estimated hiring rate fell for the sixth consecutive month in October and investors have been spooked by a recent flurry of lay-offs announced by companies including Amazon, Paramount and Target.

Nvidia, the world’s most valuable company, has fallen the most in dollar terms over the week. Its market capitalisation declined by about $350bn, little more than a week since it became the first company ever to hit a $5tn valuation.

This week’s debut of Beijing-based Moonshot AI’s Kimi K2 Thinking model, which reportedly cost less than $5mn to train, was hailed as the latest sign that Chinese competitors are narrowing the technical lead held by US developers.

[–] anoriginalthought@lemmy.ml 3 points 4 months ago

Thank you for this! It looks like the archive sites are back up and running without using Tor.

[–] ToastedRavioli@midwest.social 3 points 4 months ago (1 children)

What imaginary lead do these people think US developers have? China’s DeepMind performs better than any American LLM and costs significantly less per query. American developers are already behind, and their models are largely trained on expensive yet garbage shit like Reddit comments

[–] anoriginalthought@lemmy.ml 1 points 4 months ago

Damn, does this mean America can't just keep vibe-coding LLMs?