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

KEY TAKEAWAYS A slew of artificial intelligence stocks, including chip maker Nvidia, are tumbling in premarket trading Monday after Chinese startup DeepSeek released a cutting-edge AI model that runs on less-advanced chips and at a lower cost than U.

Nvidia, hailed as the AI boom’s poster child with a 196% gain in 2024, now faces rising scrutiny. DeepSeek’s low-cost, open-source model challenges the industry's dependence on premium chips and expensive AI ecosystems,