US tech giant Nvidia lost over a sixth of its value after the surging popularity of a Chinese artificial intelligence (AI) ...

"This idea of a low-cost Chinese version hasn't necessarily been forefront, so it's taken the market a little bit by surprise," said Fiona Cincotta, senior market analyst at City Index.

"This idea of a low-cost Chinese version hasn't necessarily been forefront, so it's taken the market a little bit by surprise," said Fiona Cincotta, senior market analyst at City Index.

Alphabet is pouring $75 billion into artificial intelligence infrastructure this year, but investors are seemingly unconvinced.