TNB Tech Minute: Tech Stocks Tumble on China’s DeepSeek AI News
WSJ Tech News Briefing
Deep Dive
Shownotes Transcript
Robert Half Research indicates 9 out of 10 hiring managers are having difficulty hiring. Robert Half is here to help. Our recruiting professionals utilize our proprietary AI to connect businesses with highly skilled talent. At Robert Half, we know talent. Visit roberthalf.com today. Here's your TNB Tech Minute for Monday, January 27th. I'm Julie Chang for The Wall Street Journal.
Tech stocks tumbled today after Chinese artificial intelligence company DeepSeek said it trained an AI model at a fraction of the cost of its Silicon Valley rivals.
Nvidia shares fell 17%, wiping out about $593 billion from the company's market value. Nvidia's chips have been used to power many of the leading AI models. The tech-heavy Nasdaq slid more than 3%. The S&P 500 sank 1.5%. The Dow Jones Industrial Average, which is less weighted towards big tech, gained 0.7% for the day.
We're exclusively reporting that LinkedIn co-founder Reid Hoffman is teaming up with cancer researcher Siddhartha Mukherjee on an AI drug discovery startup. The company Manas AI is launching with $24.6 billion of initial funding. It'll first focus on breast cancer, prostate cancer, and lymphoma. Hoffman led the funding round with venture capital firm General Catalyst.
Greylock, the VC firm where Hoffman was once a general partner, is also investing. The startup will run its AI systems and data centers owned by Microsoft, where Hoffman is on the board of directors.
And recruiting startup Maricor has raised new funding at a $2 billion valuation. That's according to people familiar with the situation. The company helps match experts in fields such as law and medicine with contract jobs at AI companies to help develop generative AI models. It was valued at $250 million a few months ago. For a deeper dive into what's happening in tech, check out Tuesday's Tech News Briefing podcast.
In the modern enterprise, the CIO is more than just a technology leader. On the fourth episode of Techfluential, Deloitte's Lou DiLorenzo talks with Tim Buckley, former CEO and chairman at Vanguard, and John Marcante, former CIO at Vanguard and Deloitte's CIO-in-Residence.
Together, they define what tech leadership can look like and how that can impact the C-suite and the board. Where technology and influence converge, new opportunities can emerge. That's Tech Fluential, a podcast from Deloitte and custom content from WSJ.