The S&P 500 and the Nasdaq dropped on Monday, as the surging popularity of a low-cost Chinese artificial intelligence model knocked shares of chipmaker Nvidia and other companies benefiting from investments into the technology.

A major disruption hit the artificial intelligence sector this week as DeepSeek, a China-based chatbot, unveiled its latest AI models—trained for just $6 million. That’s a fraction of the cost U.S. companies typically spend,