A small group of seven companies, including Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla, have become so dominant that they alone contributed to more than half of the S&P 500’s

Global shares in $1 trillion rout after China's DeepSeek sends AI and tech stocks plunging - DeepSeek’s app is said to have cost olny $6 million to develop

By Sinéad Carew, Amanda Cooper and Ankur Banerjee LONDON/SINGAPORE (Reuters) - Investors made a quick exit from a host of technology stocks from Tokyo to New York on Monday as the emergence of a low-cost Chinese artificial intelligence model challenged the dominance of current AI leaders such as Nvidia .

DeepSeek topped the Apple App Store chart and sparked fears the Chinese company was quickly catching up with OpenAI's ChatGPT while costing far less.

DeepSeek has claimed it took just two months and cost under $6 million to build an AI model using Nvidia's less-advanced H800 chips. An app powered by the V3 model became the top iPhone download in the U.

US stocks opened lower after Chinese startup DeepSeek's AI model shows AI can be built cheaply. That sparked fears AI spending will stall.

U.S. tech stocks, including Nvidia, Oracle and Google, plummeted Monday after Chinese startup DeepSeek said it created an AI system that can compete against chatbots such as OpenAI's ChatGPT at much lower costs.

DeepSeek released an open-source artificial intelligence model in December, saying it took only two months and less than $6 million to create it.