It feels like this day was always going to come — when all the artificial-intelligence names collapse — but one might have imagined it would come from, say, a profit warning from Nvidia. Instead, it comes from what appears to be an Nvidia consumer, Chinese AI service provider DeepSeek.

China's DeepSeek startup roiled artificial intelligence-driven stocks on Monday as Wall Street mulled huge investments by technology industry giants in AI infrastructure as well as demand for Nvidia chips.

Barrett Woodside, co-founder of the San Francisco AI hardware company Positron, said he and his colleagues have been abuzz about DeepSeek.