That’s the big question on the minds of investors Monday, given newfound attention on DeepSeek, a Chinese AI app that has climbed to the top of downloads from Apple’s U.S. App Store. The service has become so popular that it’s restricting registration due to what it called “large-scale malicious attacks.

Panic is hitting Wall Street on Monday morning, with major semiconductor stocks like Nvidia (NVDA) and Broadcom (AVGO) down more than 10%. The reason for the chaos is DeepSeek, a new artificial intelligence (AI) model released by a Chinese startup.

Instead, it comes from what appears to be an Nvidia consumer, Chinese AI service provider DeepSeek. It works well, jumping to number-one in Apple’s U.S. App store, but the issue is less the performance and more the training behind it.