Investors soured on some tech stocks like Oracle and Nvidia as China’s DeepSeek sparked questions about the massive AI spending bolstering America’s biggest companies moving forward.

US chip giant Nvidia suffered a record wipeout on Monday after Chinese startup DeepSeek upended the tech sector — and the rout cost its CEO Jensen Huang more than $20 billion in a single day. DeepSeek said it built its new AI model in just two months for less than $6 million – a fraction of the training costs of its US rivals – and without access to Nvidia’s powerful,

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