A chatbot made by Chinese artificial intelligence startup DeepSeek has rocketed to the top of Apple’s App Store charts in the US this week, dethroning OpenAI’s ChatGPT as the most downloaded free app.

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

Nvidia Corp.’s plunge, fueled by investor concern about Chinese artificial-intelligence startup DeepSeek, erased a record amount of stock-market value from the world’s largest company. Most Read from BloombergWhat Happened to Hanging Out on the Street?

In a matter of days, DeepSeek proved to be so popular as to climb to the top of Apple's App Store, surpassing OpenAI's ChatGPT as the most downloaded app. But for owners of Nvidia stock, and stock traders in general, DeepSeek is on track of becoming a black swan — an unexpected event with extreme consequences.

The S&P 500 fell as much as 2.3 per cent early Monday and the Nasdaq 100 tumbled as much as 3.6 per cent before paring the drop

Nvidia Corp (NASDAQ: NVDA) is taking a material hit this morning as investors respond to the launch of a Chinese startup’s highly efficient and cost-effective AI model. DeepSeek claims to have spent less than $6.