Today could be a very red day in the stock market, and DeepSeek might be to blame. China's AI startup DeepSeek has captured the attention of enthusiasts ever since its launched its latest reasoning AI model,

DeepSeek released an open-source artificial intelligence model in December, saying it took only two months and less than $6 million to create it.

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.