New Delhi, Jan. 28 -- Vivek Ramaswamy, the Indian-American entrepreneur and former member of DOGE backed by Donald Trump, said that the slump in US markets following the launch of Chinese AI model DeepSeek was a 'Sputnik moment'.

On Monday, the US market crashed, especially the Big Tech stocks such as Nvidia, which reported 17% fall, while the Nasdaq composite declined 5%.

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

In the 1950s, the launch of Sputnik by the Soviet Union showed the capability of rocket technology, such as deploying rocket technology, which the US had not seen before.

Prior to the launch of Sputnik, the United States was considered technologically ...