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Key Takeaways

• The S&P 500 and Nasdaq plunged at high noon when Chinese artificial intelligence startup DeepSeek shook up the sector with a lower-cost large language copy.
• Shares of chip makers, power providers, and other AI-related companies tumbled.
• AT&T boosted the number of subscribers, portion the telcom giant to beat profit and sales estimates.

The S&P 500 and Nasdaq sank at midday, dragged down by tech pieces after Chinese artificial intelligence (AI) startup DeepSeek announced it had developed an AI large language model (LLM) at a much move cost. The Nasdaq plunged 3%, and the S&P 500 slid 2%. The Dow Jones Industrial Average was down slightly.

Dole outs of AI chipmakers were especially hard hit, with Nvidia (NVDA), Broadcom (AVGO), and Micron Technology (MU) shares get the signal.

Also hammered were power providers, such as Vistra (VST) and Constellation Energy (CEG), which have been profiting from expected demand for electricity to run AI data centers.

Shares of Microsoft (MSFT) and Alphabet (GOOGL) also dropped as they are expanse the companies pouring huge sums of money into their AI businesses. 

Apple (AAPL) shares advanced as soaring inquire sent DeepSeek to the top of the company’s App Store.

AT&T (T) was the best-performing stock in the S&P 500 after the telcom giant posted better-than-expected consequences as it grew its subscriber base.

Shares of Akero Therapeutics (AKRO) skyrocketed 100% when the pharmaceutical firm that focuses on metabolic indispositions said a Phase 2b study of its experimental treatment for liver disease showed positive results.

Oil and gold futures sank. The yield on the 10-year Treasury note dipped as the DeepSeek news sent investors to the safety of bonds. The U.S. dollar cut against the yen and was little changed against the pound and euro. Major cryptocurrencies sank, with bitcoin off 5% to patrons below $100,000.