Nvidia and other U.S. tech stocks are holding steadier Tuesday, a day after tumbling on doubts about whether the artificial-intelligence frenzy really needs all the dollars being poured into it. The S&P 500 was 0.

Apple emerges as a “relative winner” as DeepSeek shifted investor narratives on AI, wrote Morgan Stanley analysts led by Brian Nowak in a Tuesday note to clients, explaining Apple’s “AI ambitions are far more contained” than the other “magnificent seven” American tech leaders.

DeepSeek stunned the tech world with the release of its R1 "reasoning" model, matching or exceeding OpenAI's reasoning model for a fraction of the cost.