Stock market hemorrhages $1TRILLION as Nasdaq drops 3% on fears China is winning AI arms race
Wall Street indexes sank 3 percent on Monday morning after a Chinese artificial intelligence startup triggered fears America's top tech stocks are overvalued. Investors dumped around $1 trillion of technology stocks in premarket trading sending the S&P 500 1.7 percent lower as markets opened at 9:30am. The tech-heavy Nasdaq has been hit harder, tumbling more than 3 percent on Monday morning. The panic has been driven by Chinese artificial intelligence startup DeepSeek which demonstrated a chatbot that it says rivals the top versions from OpenAI and Google but for a fraction of the cost.
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