ToplineNvidia headed toward a dubious Wall Street record Monday, as the stock at the forefront of the U.S.-led artificial intelligence revolution got a scare from DeepSeek, the Chinese AI company which developed a ChatGPT rival at a fraction of the reported cost of its American peers.

Nvidia stock dropped more than 11% as a social media panic over the potential rise of a Chinese AI model upended chip stocks and the broader AI investment thesis early Monday.

DeepSeek topped the Apple App Store chart and sparked fears the Chinese company was quickly catching up with OpenAI's ChatGPT while costing far less.