Chinese startup DeepSeek published a research paper in which it claimed to have trained a large language model rivaling the performance of leading U.S. models, while spending much less money than U.S.

Technology stocks were rocked to their core Monday after claims made by a Chinese start-up threatened to upend the existing artificial intelligence (AI) paradigm.

Monday’s bloodbath in Nvidia and other AI stocks wiped out some $1 trillion from the stock market’s value.