India, Jan. 28 -- Vivek Ramaswamy, the Indian-American entrepreneur who ran for the 2024 Republican presidential nomination, called the crash in US markets after a launch of Chinese AI model DeepSeek a 'Sputnik moment'. The market slump on Monday hit Big Tech stocks the hardest, with Nvidia suffering a 17% decline and dragging the Nasdaq composite down by 5%.

"Sputnik-like moments are a good thing," Ramaswamy wrote on X. "We don't need to freak out, we just need to wake up."

The launch of Sputnik in the 1950s highlighted the potential implications of rocket technology capable of deploying satellites, unknown applications of such technology, and the perception that the launch had opened a new frontier - one the United States had not yet ...