Artificial Intelligence Stocks Tumble as Chinese Competitor Emerges
The S&P 500 plunged 1.5% on Monday, led by significant losses in technology stocks. Nvidia's decline of nearly 17% dragged the Nasdaq composite down 3.1%. The Dow Jones Industrial Average, however, bucked the trend, rising 0.7%.
This market volatility stems from the emergence of DeepSeek, a Chinese company claiming to have developed a cost-effective language model comparable to US giants.
Market Close Summary
* S&P 500: -88.96 points (-1.5%) to 6,012.28
* Dow Jones Industrial Average: +289.33 points (+0.7%) to 44,713.58
* Nasdaq Composite: -612.47 points (-3.1%) to 19,341.83
* Russell 2000: -23.71 points (-1%) to 2,284.02
Year-to-Date Performance
* S&P 500: +130.65 points (+2.2%)
* Dow Jones Industrial Average: +2,169.36 points (+5.1%)
* Nasdaq Composite: +31.04 points (+0.2%)
* Russell 2000: +53.87 points (+2.4%)