China’s DeepSeek ignites global AI rivalry, challenges U.S. dominance 

The meteoric rise of Chinese artificial intelligence (AI) app DeepSeek has rattled global tech markets, triggering a selloff in shares of major companies like Nvidia, Microsoft, and Meta.

The app recently surpassed rivals such as ChatGPT to become the top-rated free app on Apple’s App Store, shaking confidence in U.S. dominance in AI innovation.

DeepSeek’s rapid ascent has startled investors, with European share prices dropping and tech-related stocks, such as ASML and Siemens Energy, suffering sharp declines of over 10% and 21%, respectively.

Analysts believe the app’s low-cost development model has challenged existing assumptions about the financial barriers to creating cutting-edge AI systems.