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Progress of China’s DeepSeek AI Model Sinks Tech Stocks

Progress of China’s DeepSeek AI Model Sinks Tech Stocks

Update: 2025-01-27

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Plus: Activist Investor Ancora Holdings prepares to push U.S. Steel to drop merger bid with Japan’s Nippon Steel. And, the U.S. and Colombia negotiate an end to a weekend tariff standoff. Luke Vargas hosts.

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00:00

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Transcript

00:00:00

- I think you're on mute.

00:00:02

- Workday starting to sound the same.

00:00:05

- I think you're on mute.

00:00:07

- Find something that sounds better for your career on LinkedIn.

00:00:10

With LinkedIn job collections, you can browse curated collections by relevant industries and benefits, like FlexPTO or hybrid workplaces.

00:00:20

So you can find the right job for you.

00:00:23

Get started at LinkedIn.com/jobs.

00:00:26

Finding where you fit.

00:00:28

LinkedIn knows how.

00:00:29

(upbeat music)

00:00:31

Here is your morning brief from Monday, January 27th.

00:00:37

I'm Luke Vargas for The Wall Street Journal.

00:00:40

Global tech stocks are selling off following last week's release of a maiden China AI model from the company DeepSeek that nearly matched the performance of American rivals despite using inferior chips.

00:00:53

Shares in NVIDIA and Broadcom were down more than eight and 9% respectively in off-hours trading.

00:01:00

ASMR shares are down around 10% in European trading and futures tied to the tech-focused NASDAQ 100 are off nearly 4% ahead of the US open.

00:01:11

Activist investor and Cora Holdings is preparing to wage a proxy battle at US Steel, urging the company to turn the page from its failed tie-up with Japan's Nippon Steel.

00:01:24

According to people familiar with the matter and Cora intends to rally shareholders to oust US Steel's chief executive and drop litigation aimed at salvaging a merger with Nippon which was blocked by the Biden administration and is opposed by President Trump.

00:01:40

And the US and its close economic partner Columbia averted a trade war yesterday after Columbia agreed to White House demands that it accept deportees.

00:01:51

President Trump had warned the South American country yesterday it could face 25% tariffs if it didn't allow a pair of military planes carrying migrants to land there.

00:02:01

The standoff came as US authorities made more than 950 arrests Sunday in a slew of deportation raids in cities including Chicago, Los Angeles, Houston,

00:02:11

and Denver.

00:02:13

Asian stocks have ended the day broadly lower.

00:02:15

European stocks are down in midday trading and US stock futures are pointing to a lower open ahead of a busy week in earnings and the release of new home sales data for December due out at 10 a.m.

00:02:28

Eastern.

00:02:29

And we've got a lot more coverage of the day's news on the WSJ's What's News podcast.

00:02:34

You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

00:02:39

Progress of China’s DeepSeek AI Model Sinks Tech Stocks

Progress of China’s DeepSeek AI Model Sinks Tech Stocks

The Wall Street Journal

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