The Nasdaq could face market-cap losses of nearly $1 trillion if premarket declines hold into the close of trading.

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

Global chip stocks slumped Monday on DeepSeek revealing it had developed AI models that nearly matched American rivals despite using inferior chips.

U.S. search engine startup Perplexity AI has revised the merger proposal it had submitted to TikTok's Chinese parent ByteDance to create a new entity combining Perplexity and TikTok U.S., a person familiar with the proposal told Reuters on Sunday.

If the plan is successful, the shares of TikTok owned by the government would not have voting power, the person said.