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Lower construction spending on data centers because of DeepSeek could negatively impact heavy equipment stocks like Caterpillar, JPMorgan said.

The efficiency gains of DeepSeek’s AI models startled the power industry, which is set to invest billions in electricity projects.

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.

With earnings season now in full swing, investors and analysts are carefully monitoring the results, particularly on high-flying tech and artificial intelligence stocks trading at rich valuations and after the emergence of DeepSeek,

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.

China’s DeepSeek and President Trump’s tariffs can’t seem to derail the stock market. The S&P 500 is coming off back-to-back winning sessions, shrugging off two sizable sell-offs in back-to-back weeks as well as a weak showing from Big Tech earnings.