DeepSeek’s rise hammers Nvidia, other AI chip shares in N.Y. trading

HONG KONG/NEW YORK — U.S. markets dropped on Monday morning, lead by plunging shares in semiconductor companies after China’s DeepSeek shook confidence in the U.S. ability to lead the ongoing artificial intelligence boom.

As of noon in New York, shares in Nvidia were down about 16% while TSMC saw its stock fall around 14%. The sell-off put the technology-heavy Nasdaq down 3% while the S&P 500 slipped 1.8%.