Tech selloff deepens as DeepSeek upsets global AI race | Reuters

The emergence of DeepSeek, a low-cost Chinese AI model, has sparked a global tech sell-off, questioning the valuations and dominance of AI bellwethers. Investors are concerned about the crowded positioning, excessive spending on AI development, and high valuations of tech companies. The sell-off has led to a $10 trillion decline in the market value of major tech companies since the AI boom began.