Perplexity CEO Aravind Srinivas buys more Nvidia shares amid rout triggered by DeepSeek's rise, netizens say ‘good move’

Perplexity CEO Aravind Srinivas bought more Nvidia shares amid the market sell-off following the rise of the Chinese AI app DeepSeek.

In a post on the social media platform X, Srinivas said,

“I just bought some more NVDA(sic).”

Perplexity CEO made this claim while responding to a post on X, where Jim Cramer, a journalist from CNBC raised concerns over Nvidia shares.

“There is no silver lining right now with Nvidia though,” Cramer wrote.

What happened to tech stocks on January 27?

The United States tech stocks and global stock markets were severely impacted by the low-cost Chinese AI app DeepSeek on Monday, tanking the value of leading chip maker Nvidia by $593 billion, a 17 per cent crash. January 27 marked a record one-day market-cap loss for the Wall Street stock in history, according to LSEG data.

DeepSeek hit the Nvidia stocks the hardest, impacting others as well.

On January 27, the US tech-heavy Nasdaq slipped 3.1 per cent, mainly due to Nvidia's crash, which lost a record 17 per cent overnight, followed by chip maker Broadcom Inc, which went down 17.4 per cent, ChatGPT backer Microsoft down nearly 2.1 per cent, and Google's parent company Alphabet dipped 4.2 per cent, according to a Reuters report.

How DeepSeek impacted tech stocks?

DeepSeek's latest large language models have challenged the dominance of top AI companies by offering similar performance to Meta or OpenAI with reportedly a fraction of the cost. DeepSeek's free app has also taken over ChatGPT on Apple's App Store in several regions, including the US, UK, Australia, Canada, China, and Singapore, impacting tech stocks.

Social media users react

Several social media users have reacted to the X post of Srinivas with most of them appreciating his move.

One of the users wrote, “You are the silver lining.”

“Good move,” added another.

“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 user said.

“I mean, that's fair. if there's no silver lining, might as well buy the dip,” one of the users commented.

“To the moon,” added another.