Tech stocks shake as a Chinese competitor threatens to topple their AI domination; Nvidia down 11%

Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China. The S&P 500 fell 1.6% in early trading Monday. Big Tech stocks that have been the market’s biggest stars took the heaviest losses, with Nvidia down 11.2%, and they dragged the Nasdaq composite down 2.7%. The Dow Jones Industrial Average, which holds less tech, held up better with a dip of 0.3%. A Chinese company called DeepSeek said it had developed a large language model that can compete with U.S. giants at a fraction of the cost.