So much for the quiet pre-holiday trading session as Asian equities were mixed though Australia was closed for Australia Day, Indonesia was closed for Al Isra’ wal-Mi’raj, South Korea was closed for the Korean New Year,

Global chip stocks slumped Monday on DeepSeek revealing it had developed AI models that nearly matched American rivals despite using inferior chips.

A Chinese start-up’s new artificial intelligence program took the top spot in Apple’s app store, threatening U.S. dominance in the field and huge investments from companies in the new technology. Stock futures were falling sharply Monday.

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.

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.

Stock index futures gained on Tuesday, as Wall Street hopes for a recovery after Monday's tech-led selloff fueled by China's DeepSeek app. S&P 500 futures (SPX) +0.5%, Nasdaq 100 futures (US100:IND) +0.

Futures tumble as China's DeepSeek up-end Nvidia and AI stocks. Tesla, Meta, Microsoft and Apple headline earnings this week.