The S&P 500 slipped and the Nasdaq dropped sharply on Tuesday, weighed by losses in chip stocks amid doubts over the durability of the AI-led rally despite robust Samsung earnings, while a report on China's DeepSeek making an AI chip also hit sentiment.
Nvidia fell 1.8% after Reuters reported Chinese startup DeepSeek is developing its own AI chip, a move that could reduce its dependence on Nvidia and Huawei chips.