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

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,

DeepSeek could spark a shift from hardware to software, similar to what happened to traditional computing beginning in the 1990s.

Entrepreneur Marc Andreessen, known for co-writing Mosaic, one of the world’s first web browsers, wrote Sunday on X that “DeepSeek R1 is AI’s Sputnik moment,” likening it to the space race between the U.S. and the Soviet Union and the event that forced the U.S. to realize that its technological abilities were not unassailable.

A gauge of Chinese tech shares trading in Hong Kong was poised to enter a technical bull market after a cheap artificial intelligence model from startup DeepSeek 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.