How Chinas DeepSeek shook up US markets, by the numbers Winnipeg Free Press [Video]

News from China upset U.S. markets Monday and disrupted the frenzy that had built up around artificial intelligence.

A company called DeepSeek said it had developed a large language model that can compete with U.S. AI giants but at a fraction of the cost. DeepSeek had already hit the top of the chart for free apps on Apple’s App Store by Monday morning, and analysts said such a feat would be particularly impressive given how the U.S. government has restricted Chinese access to top AI chips.

Nvidia, Broadcom and Google’s parent company Alphabet were among the high-flying stocks that fell to earth, at least for now. The noise in the tech sector obscured some solid gains in other parts of the market.

Here’s a look at DeepSeek’s impact on the financial markets, by the numbers:

5.6%

Monday’s decline in the S&P 500 tech sector, the biggest drop in the index since …