Wall Street’s superstars tumbled as a competitor from China threatens to upend the artificial-intelligence frenzy they’ve been feasting on. The S&P 500 fell 1.5% Monday.

Wall Street’s superstars are tumbling as a competitor from China threatens to upend the artificial-intelligence frenzy they’ve been feasting on.

Big Tech stocks took some of the heaviest losses, with Nvidia down 11.2%, and they dragged the Nasdaq composite down 2.7%. The Dow Jones Industrial Average, which has less of an emphasis on tech, was holding up better with a dip of 123 points,

DeepSeek released an open-source artificial intelligence model in December, saying it took only two months and less than $6 million to create it.

US tech stocks were steady on Tuesday after they slumped on Monday following the sudden rise of Chinese-made artificial intelligence (AI) app DeepSeek. Shares in chip giant Nvidia rose by 8.8%, having slumped on Monday, as experts said the AI selloff may have been an over-reaction.