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.

A slew of stocks, including chip maker Nvidia, fell Monday after Chinese startup DeepSeek released an AI model that runs on less-advanced chips and at a lower cost than U.S. rivals.

Nvidia crossed below its 200 day moving average for the first time since 2023 this week. Analysts say the correction could deepen.