Stock market hemorrhages $1TRILLION as Nasdaq drops 4% on fears China is winning AI arms race
Wall Street indexes sank 3 percent in early trading on Monday 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 2.3 percent lower before the bell. The tech-heavy Nasdaq has been hit harder, tumbling more than 3 percent as markets opened at 9:30am. Chinese artificial intelligence startup DeepSeek demonstrated a chatbot that it says rivals the top versions from OpenAI and Google for a fraction of the cost.
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