From Bloomberg

• "Stocks slumped, with Nasdaq futures briefly losing more than 5%, on concern that a cheaper artificial intelligence model from China threatens the dominance of US technology. 

• Nvidia Corp. plunged 12% in US premarket trading, setting it up for the biggest drop on record in terms of market capitalization if the move holds. The volume of Nasdaq 100 futures contracts changing hands was about four times the 30-day average, according to data compiled by Bloomberg. S&P 500 futures sank as much as 3% and Bitcoin slid below $100,000. 

• The buzz over DeepSeek emerged over the weekend, with tech analysts saying the company’s AI model provides comparable performance to the world’s best chatbots at a fraction of the price. For investors, it put a question mark over an AI-driven rally that’s added $15 trillion to the Nasdaq 100 since 2022 and been at the heart of US equity gains.

• “It does put a lot of scrutiny at the level of valuations,” said Benedicte Lowe, equity derivatives strategist at BNP Paribas Markets 360. “We are quite positive on US tech stock sector. But it puts pressure on the outlook and is a turning point for the companies at this stage in the cycle.”"