Bitcoin (CRYPTO: BTC) has fallen 5% in the past 24 hours as of 3 p.m. ET, Ethereum (CRYPTO: ETH) is down 7.7%, and Dogecoin (CRYPTO: DOGE) is down 8.5%. Today's market drop is related to DeepSeek, the Chinese AI firm that released a model that competes with the best OpenAI models for a fraction of the cost.
NEW YORK (Reuters) -Wall Street is asking regulators for more time to implement a rule requiring centralized Treasury clearing as banks and funds trading U.S. government bonds face a 2026 deadline. The Securities Industry and Financial Markets Association (SIFMA) together with other trade associations sent a letter to the SEC on Friday requesting that the implementation timeline be extended by at least one year for the cash and repo clearing deadlines.
China’s AI startup DeepSeek triggered a tech sell-off today as investors panicked over fears of a cheaper open-source model.
Fluid and coating equipment company Graco (NYSE:GGG) missed Wall Street’s revenue expectations in Q4 CY2024, with sales falling 3.2% year on year to $548.7 million. Its non-GAAP profit of $0.64 per share was 15.8% below analysts’ consensus estimates.
Electronics manufacturing services company Sanmina (NASDAQ:SANM) reported Q4 CY2024 results beating Wall Street’s revenue expectations, with sales up 7% year on year to $2.01 billion. On the other hand, next quarter’s revenue guidance of $1.95 billion was less impressive, coming in 2.1% below analysts’ estimates. Its non-GAAP profit of $1.44 per share was 5.1% above analysts’ consensus estimates.
(Bloomberg) -- Municipal bonds rose alongside Treasuries Monday as investors rushed into haven assets after the rapid ascent of a Chinese AI startup rattled the US stock market.Most Read from BloombergTexas HOA Charged With Discrimination for Banning Section 8 RentersWhat Happened to Hanging Out on the Street?Budapest Mayor Aims to Block Orban’s Plans to Build ‘Mini Dubai’Vienna Embraces Heat Pumps to Ditch Russian GasBillionaire Developer Caruso Slams LA Leadership Over WildfiresBenchmark state
Apple stock jumped Monday, proving itself resilient to the widespread AI stock sell-off Monday prompted by the release of Chinese firm DeepSeek’s new cost-effective artificial intelligence model.
AI stocks fell across the board as the investment community absorbed news of a potentially more cost-effective Chinese AI model — and began to question the Western world’s gargantuan spending on AI infrastructure.
Measurement equipment distributor Transcat (NASDAQ:TRNS) missed Wall Street’s revenue expectations in Q4 CY2024 as sales rose 2.4% year on year to $66.75 million. Its non-GAAP profit of $0.45 per share was 10% below analysts’ consensus estimates.
AI-exposed power stocks tumbled alongside a tech sell-off as Chinese startup DeepSeek sparked investor concerns over AI chip spending by US companies.
