Chinese Company Threatens To Upend The AI Industry

NEW YORK (AP) — Wall Street’s superstars are tumbling as a competitor from China threatens to upend the artificial-intelligence frenzy they’ve been feasting on. The S&P 500 fell 1.9% Monday. Big Tech stocks took some of the heaviest losses, with Nvidia down 18%, and they dragged the Nasdaq composite down 3.7%. Besides chip companies, utilities hoping to electrify power-hungry AI datacenters also tumbled. Stocks outside of AI-related industries held up much better, and the Dow Jones Industrial Average rose 243 points. A Chinese company called DeepSeek said it had developed a large language model that can compete with U.S. giants at perhaps a fraction of the cost.