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U.S. Tech Stocks Pummeled As Cheaper Chinese AI Model Gains Traction
The Nasdaq dropped as tech stocks, inflated for months by the rise of artificial intelligence, took a dive. The trigger was rival Chinese AI company DeepSeek.
That wreaked havoc on the tech-heavy Nasdaq, down more than 3% in mid-afternoon trading, on investor fears of increased competition risk even as U.S players are spending billions on AI investment. Meta bucked the trend and is up a tick as investors anticipate solid numbers when the Mark Zuckerberg company kicks off tech earnings on Wednesday. “A handful of times over the last few years there have been major tech sell-offs that were golden buying opportunities … today is another one of them in our view,” wrote Dan Ives of Wedbush Securities.
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