NEW YORK (AP) — Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China. The S&P 500 fell 1.8% in early trading 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.

By Nikhil Sharma (Reuters) -European shares slid on Monday as the technology sector joined the retreat in other markets after China's upgraded low-cost, low-power artificial intelligence (AI) model sparked worries about the profits of rivals and the need for costly chips.