Good morning. Since the emergence of ChatGPT, OpenAI’s groundbreaking artificial intelligence tool, American companies have appeared to have a huge head start in the development of the most significant technology of its generation.
But now a small Chinese rival has emerged that appears to match what OpenAI and the other US giants can do at a much lower cost, and without the same hunger for computing power that has made the chip manufacturer Nvidia the most valuable company in the world. The result was a stunning collapse in the value of Big Tech stocks yesterday – and a $593bn fall in the value of Nvidia, the biggest in the US stock market’s history.
