Tech Giants Get Reality Check as China AI Startup Upends Stocks

What You Need To Know

• China's DeepSeek is challenging the investment case that rewarded the biggest players with rich valuations.
• Over the past 24 months, most of the Nasdaq 100 Index’s gains have come from a handful of AI names.
• The turnaround is particularly severe given Wall Street was welcoming AI investments as recently as Friday, when Meta Platforms Inc.’s stock hit a new high.