President Donald Trump said Monday that the sudden rise of Chinese AI app DeepSeek “should be a wake-up call” for America’s tech companies.

Silicon Valley and Washington leaders said the app shows China can challenge the U.S. The Nasdaq lost 3 percent and chipmaker Nvidia shed $589 billion in market capitalization.

Chipmakers Nvidia and Broadcom both suffered double-digit percentage declines after the exhibit from China's DeepSeek. Software giant Oracle, a central player in the Trump administration's recently announced $500 billion AI partnership,

The Chinese start-up disrupted the AI landscape, showing that cost-effective AI models can rival larger systems, raising questions about big investments Wall Street had a rough start to the week on concern that a cheaper artificial intelligence-model from China could threaten the dominance of US technology,

China's DeepSeek overtook US rival ChatGPT in terms of Apple Store downloads, offers the prospect of a viable, cheaper AI alternative