The Nasdaq could face market-cap losses of nearly $1 trillion if premarket declines hold into the close of trading.

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

By Nikhil Sharma (Reuters) -European shares slid on Monday as the technology sector joined the retreat in other markets after China's upgraded low-cost, low-power artificial intelligence (AI) model sparked worries about the profits of rivals and the need for costly chips.

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