That’s the big question on the minds of investors Monday, given the newfound attention on DeepSeek, a Chinese AI app that has climbed to the top of downloads from Apple’s U.S. App Store. The service has become so popular that it’s restricting registration due to what it called “large-scale malicious attacks.

Global investors dumped tech stocks amid the emergence of a low-cost Chinese AI model, leaving Nvidia with a record one-day loss for any company on Wall Street.