Fear gripped Wall Street today on fears that the artificial-intelligence tech giants that have propelled the US stock markets to dizzying heights are under threat from a previously little known Chinese competitor called DeepSeek.In early trading the S&P 500 was down 1.6% with big tech stocks taking the worst of a battering which analysts feared could see $1 trillion £800 billion) knocked off share values. At one stage AI giant Nvidia was 11.2% lower - its largest ever daily decline - helping to drag the tech heavy Nasdaq index down 3.6%, its biggest fall since September. The Dow Jones Industrial Average, which has more of an emphasis on “old economy” stocks, was holding up better with a dip of just 123 points, or 0.3%.
