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Shares of Nvidia tumbled Monday after the release of a sophisticated artificial intelligence model from a Chinese startup prompted a reckoning regarding AI spending on Wall Street.

Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China.

Massive artificial intelligence spending supercharged its growth, but with Nvidia due to report earnings on Feb. 26, Wall Street suggests the semiconductor stock may soon hit a ceiling. Analysts have assigned a consensus one-year price target on NVDA stock of $164 per share. That implies only a 15% gain over the next 12 months.

NEW YORK (AP) — Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China. The S&P 500 fell 1.8% in early trading Monday.

Live Updates Make sure to refresh this page periodically for updates. More DeepSeek Reactions 9:25 am Bernstein released a research note on what Deep Seek means for NVIDIA and other AI stocks this morning,

Nvidia (NASDAQ:NVDA) stock has been getting crushed today and has plunged over 17.4% in Monday trading. This is the biggest single-day drop for NVDA since the tech selloff began in August. Why? DeepSeek.

The S&P 500 fell 1.7% Monday. Big Tech stocks took some of the heaviest losses, with Nvidia down 16%, and they dragged the Nasdaq composite down 3.2%.

The tech-heavy Nasdaq Composite index slid 3.5 per cent shortly after the opening bell, while the broader S&P 500 fell about 2 per cent. Nvidia, which surged last year on bets that Big Tech companies would require vast numbers of advanced chips to power their AI models, sold off by 13 per cent.

Nvidia (NASDAQ: NVDA) and Palantir Technologies (NASDAQ: PLTR) have recently been two of the hottest stocks on Wall Street because both companies play a key role in the artificial intelligence economy.

Nvidia's market value dropped more than $500bn after the emergence of DeepSeek - a low-cost chatbot built by a Chinese AI firm.