Donald Trump's rapid move to ban a "digital dollar" has left the field wide open, observers say, for China and Europe to make their already-advanced central bank digital currency (CBDC) prototypes into global standard-setters.

US stocks opened lower after Chinese startup DeepSeek's AI model shows AI can be built cheaply. That sparked fears AI spending will stall.

DeepSeek has produced an open-source AI model that could rival ChatGPT while being significantly cheaper to produce.

Shares in Nvidia, whose semiconductors power the AI industry, fell nearly 17 percent on Wall Street, erasing nearly $600 billion of its market value.

Major AI players, including Nvidia, Meta, Microsoft, and Alphabet, saw significant losses, with Nvidia shedding over 11% and losing $400 billion in market value. Analysts highlighted China’s growing challenge to US tech dominance.

By Lawrence Delevingne, Samuel Indyk and Tom Westbrook BOSTON/LONDON/SINGAPORE (Reuters) -U.S. stock futures steadied, the dollar ticked higher and tech stocks in Asia slid on Tuesday following a wave of selling as apparent advances by a Chinese AI startup cast doubt on U.

The Lunar New Year holiday, China’s most important festival, begins today and runs until Tuesday next week. Millions of Chinese leave the cities to travel back home for a rare break with family during the holidays, which tend to distort economic data early in the year.

The Chinese currency jumped against the US dollar as trade war worries receded, but some fear the gains may be ‘short-lived’.

Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China. The S&P 500 fell 1.8% in early trading Monday.

Investors dumped technology stocks in premarket trading Monday, sending U.S. indexes sharply lower after Chinese artificial intelligence startup DeepSeek demonstrated a chatbot that it says rivals the

EUROPEAN tech shares came under pressure on Monday, after Chinese tech startup DeepSeek’s low-cost artificial intelligence model sparked worries about returns in the AI business and the need for costly chips.

President Donald Trump ordered the creation of a digital asset working group on Thursday which, among other things, would be tasked with exploring a U.S. cryptocurrency stockpile.