Monday’s bloodbath in Nvidia and other AI stocks wiped out some $1 trillion from the stock market’s value.

Leaders at Microsoft and Meta told investors that China’s DeepSeek doesn’t harm their businesses and that they will still spend billions on AI data centers.

Liang Wenfeng's firm, DeepSeek, emerged from the setbacks of his previous hedge fund, leveraging limited resources and local talent to disrupt the global AI supply chain. Despite constraints, DeepSeek's rapid rise has raised questions about AI innovation costs and China’s competitive momentum.