AI stocks were rattled this past week when Wall Street took notice of a high-performance, shockingly efficient open-source AI model from Chinese start-up DeepSeek.

Lower construction spending on data centers because of DeepSeek could negatively impact heavy equipment stocks like Caterpillar, JPMorgan said.

The ramifications of Chinese startup DeepSeek, with its promise of delivering cheaper, more energy-efficient alternatives to harness artificial intelligence, have yet to be fully reflected in U.S. equities. That’s the thinking of Don Townswick, director of equity strategies at Conning Asset Management, which oversees $170 billion in assets.

Chinese artificial intelligence startup DeepSeek rattled the U.S. technology sector after the company recently unveiled an AI model that is competitive with leading U.S. models b

The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, rose as much as 2.9% on Friday, reflecting a rise of more than 20% from its January low.

Asian Shares Mixed as DeepSeek Lifts Chinese Tech Stocks HONG KONG (AP) — Asian shares Friday were mixed, with Chinese technology stocks rising as most other Asian equities declined. Japan’s benchmark Nikkei 225 dipped nearly 0.