ASML Holding (ASML), Nvidia (NVDA) and other technology stocks were down sharply in Monday's premarket activity after Chinese artificial intelligence startup DeepSeek released an open-source AI model that it said can run on less sophisticated chips.
ASML fell more than 10% pre-bell while Nvidia fell more than 11%. Futures tied to the tech-heavy Nasdaq were down around 3.5%.
"Concerns have immediately emerged that [DeepSeek] could be a disruptor to the current AI business model, which relies on high end chips and extensive computing power and hence energy," Bloomberg quoted Jefferies analysts as saying in a note.
Advanced Micro Devices (AMD), Intel (INTC), Qualcomm (QCOM) and Applied Materials (AMAT) shares fell between 3% and 7% pre-bell, while Broadcom (AVGO) and Micron Technology (MU) were down 11% and nearly 9%, respectively.
Meta Platforms (META) declined 4.7% and Taiwan Semiconductor Manufacturing (TSM) fell nearly 11%.
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