Wall Street is tumbling Monday on fears that the market's winners who have feasted on the artificial-intelligence frenzy are under threat from a competitor in China that can do similar things for much cheaper.

DeepSeek topped the Apple App Store chart and sparked fears the Chinese company was quickly catching up with OpenAI's ChatGPT while costing far less.

Global chip stocks slumped Monday on DeepSeek revealing it had developed AI models that nearly matched American rivals despite using inferior chips.