Wall Street’s superstars are tumbling Monday as a competitor from China threatens to upend the artificial-intelligence frenzy that’s created a spending bonanza. The S&P 500 was down 1.7% in midday trading and heading for its worst day in more than a month.

DeepSeek launched a free, open-source large language model in late December, claiming it was developed in just two months at a cost of under $6 million.

DeepSeek topped the Apple AppStore chart and sparked fears the Chinese company is quickly catching up with OpenAI's ChatGPT while costing far less.

Nasdaq futures slumped and technology shares slid in Japan on Monday as surging popularity of a Chinese discount artificial intelligence model wobbled investors' faith in the profitability of AI and the sector's voracious demand for high-tech chips.

Nasdaq futures fall as DeepSeek's AI challenges tech sector, rattling investor confidence in chips and profitability. Nvidia, SoftBank shares drop.

Nvidia fell 2% and was the heaviest weight on the S&P 500, though that represents just a smidgen of its huge gains made in recent years. The chip company’s stock had nearly quintupled over the ...

DeepSeek-R1, designed to run on less-advanced chips, challenges Nvidia, Meta, and Microsoft by bypassing US tech restrictions, sparking concerns over AI market dynamics.

SINGAPORE >> Nasdaq futures slumped and technology shares slid in Japan on Monday as the surging popularity of a Chinese discount artificial intelligence model wobbled investors’ faith in the profitability of AI and the sector’s voracious demand for high-tech chips.

It is a free chatbot model at a much lower cost than the hundreds of millions invested by its Western versions. The Chinese startup DeepSeek has disrupted the artificial intelligence market. U.S. technology companies plummeted amid industry concerns about U.

Wall Street's superstars are tumbling Monday as a competitor from China threatens to upend the artificial-intelligence frenzy that's helped them make so much money.

“It’s DeepSeek for sure,” said one Tokyo-based fund manager of the sudden drop in Japanese tech shares, adding that the market was readjusting to the idea that hardware spending on AI — a theme that had benefited certain Japanese companies — could be a lot lower than current estimates.

US stock index futures tumbled in Asian trading hours Monday amid concerns that an artificial intelligence model from China’s DeepSeek may disrupt the technology world.Most Read from BloombergWhat Happened to Hanging Out on the Street?