DeepSeek caused a $600 billion freakout. But China’s AI upstart may not be the danger to Nvidia and U.S. export controls many assume

AI has fueled Nvidia’s extraordinary rise to a $3 trillion market valuation. But on Monday, AI was the cause of a panic among Nvidia investors, sending its shares down almost 17% and wiping out nearly $600 billion in value.

The selloff was…