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A new AI chatbot called DeepSeek became the no. 1 downloaded app in Apple's App Store Monday, prompting concerns that U.S. businesses could be losing ground in the AI technology race.

The startup DeepSeek was founded in 2023 in Hangzhou, China and released its first AI large language model later that year.

The US president put a positive spin on the success of the Chinese AI software that sent US tech stocks into a tailspin.

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Markets have been on a tear for a while and are probably due a pullback. But, DeepSeek doesn’t seem to be an AI boom-ending event.

Nvidia's market value dropped more than $500bn after the emergence of DeepSeek - a low-cost chatbot built by a Chinese AI firm.