Recent Chinese technology breakthroughs are more "micro- and innovation-driven in nature," wrote analysts at Goldman Sachs.

In a matter of days, DeepSeek proved to be so popular as to climb to the top of Apple's App Store, surpassing OpenAI's ChatGPT as the most downloaded app. But for owners of Nvidia stock, and stock traders in general, DeepSeek is on track of becoming a black swan — an unexpected event with extreme consequences.

DeepSeek’s advances have roiled global stock markets and AI players. Now, its influence is spreading quickly at home, with some of China’s biggest tech companies, many of which had been developing their own chatbots,