DeepSeek — the Chinese AI firm that sent U.S. tech stocks plummeting today — wiped out nearly $600 billion in value from chipmaker Nvidia, according to Bloomberg.

• It could be an extinction-level event for venture capital firms that went all in on some of the biggest American AI developers, Axios' Dan Primack writes.

The big picture: DeepSeek appears to have built AI models that rival OpenAI, while allegedly using much less money, chips and energy.

• It has upended the consensus that the U.S. was far ahead in the AI race.

📉 The latest: The Nasdaq was down 3% today.

• Nvidia's share price plummeted by 17%, as investors grappled with the possibility that advanced AI models may not require Nvidia's chips after all.

💰 Between the lines: Venture capital firms poured truly unheard-of sums into American AI companies — all based on what might suddenly be a stale thesis.

• Investors Axios spoke to over the weekend aren't panicking. But they're clearly concerned. Don't be surprised if some deals are paused.

🥊 Reality check: There's still a ton we don't know about DeepSeek, including if it really spent as little money as it claims.

• Get the latest.

Today is the first day you can pay your federal income taxes — and a growing number of Americans will be able to use the IRS' new, streamlined filing system this year, Axios' Kelly Tyko reports.

• Direct File is mobile-friendly, works on smartphones, tablets and computers, and is available in English and Spanish.
• It'll be available to about 30 million taxpayers this year in 25 states.

By the numbers: More than 3 million people checked to see if they were eligible to use Direct File last year, when access was significantly more limited. More than 140,000 taxpayers actually used it.

• Direct File users saved an estimated $5.6 million in tax prep fees, the Treasury Department said.

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1. 🪖 President Trump is expected to sign several defense-related executive orders today — Pete Hegseth's first day as Defense secretary. They'll likely include measures to further roll back DEI programs and reinstate troops who refused to get a COVID vaccine. Go deeper.
2. ⚖️ Former second gentleman Doug Emhoff is returning to corporate law. He joined the firm Willkie Farr & Gallagher LLP as a partner, focused on "advising corporations, boards of directors, and individuals on their most consequential business challenges, sensitive investigations, and complex litigation." He'll split his time between LA and New York. Read the release.

📺 The "CBS Evening News" relaunches tonight from New York with co-anchors John Dickerson and Maurice DuBois, leading an ensemble that includes Margaret Brennan from D.C. and weathercaster Lonnie Quinn.

• CBS says the show — originating from Studio 47, where Dan Rather once anchored — will emphasize "storytelling that leverages ... reporters and affiliates across the country and around the world."

NBA players, fans and LA residents paused yesterday to remember Kobe Bryant, whose legacy still looms large over the league five years after his death.

• "He was one of a kind, there was nobody else like him. A lot of guys wanna play like him, but there will never be another Kobe," Minnesota Timberwolves guard Anthony Edwards told Yahoo Sports.
• "I remember where I was at the moment when it happened, when I heard the news," Celtics star Jayson Tatum told The Athletic. "We walked back to the hotel, I went to my room, and I cried. I just broke down crying sitting on my couch in the hotel."

In addition to being one of the NBA's all-time legends, Bryant was a vocal champion for women's sports.

• "One of the first things he told me was that I could play defense," said Dearica Hamby of the Los Angeles Sparks. "If Kobe tells you you can play defense, you can play defense."