Wall Street is tumbling Monday on fears that the market's winners who have feasted on the artificial-intelligence frenzy are under threat from a competitor in China that can do similar things for much cheaper.

DeepSeek's new AI model has sparked concerns about Nvidia's dominance in the AI hardware market, causing a drop in the chipmaker's stock and raising questions about the future of high-performance AI chips.

DeepSeek R1, the surprisingly efficient and powerful Chinese AI model, has taken the technology industry by storm and is rattling nerves on Wall Street.