Silicon Valley and Washington leaders said the app shows China can challenge the U.S. The Nasdaq lost 3 percent and chipmaker Nvidia shed $589 billion in market capitalization.

Tech stocks, especially those linked to artificial intelligence plunged on Monday due to speculation around the possible impact of a breakthrough made by Chinese startup DeepSeek.Tech stocks plunged on Monday after claims of advances by Chinese artificial intelligence startup DeepSeek cast doubts on United States firms' ability to cash in on

A new TikTok proposal is on the table. Perplexity AI has proposed a merger that would give the U.S. government a 50% ownership stake.

Perplexity's plan would allow the U.S. to own up to half of the new entity once it makes an initial offering of at least $300 billion.