Robust gains by Chinese tech stocks have added billions of dollars in their market capitalization, driven by the sudden rise to fame by homegrown AI app DeepSeek.

HONG KONG (AP) — Asian shares Friday were mixed, with Chinese technology stocks rising as most other Asian equities declined.

A gauge of Chinese tech shares trading in Hong Kong was poised to enter a technical bull market after DeepSeek’s artificial intelligence model ignited interest in China’s internet firms.

The S&P 500 SPX and Nasdaq Composite COMP closed Friday with weekly losses, dragged down by battered tech stocks after fears surrounding DeepSeek suddenly surfaced in the U.S. equities market. AI chip maker Nvidia Corp. NVDA lost $552 billion in market value this week through Friday, after its stock struggled to rebound from a 17% plunge on Monday.

Chinese artificial intelligence startup DeepSeek rattled the U.S. technology sector after the company recently unveiled an AI model that is competitive with leading U.S. models b