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%.The tech-heavy Nasdaq Composite closed down 3.1%, with the drop at one point wiping more than $1tn off the index from its closing value of $32.5tn last week, The Guardian reported.

"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 1957, the launch of Sputnik by the Soviet Union showed the capability ...