Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China.

China and India have agreed to resume direct commercial flights, in the latest sign of an easing of tensions between the world’s two most populous countries.

India and China have agreed to resume direct air services after nearly five years and work on resolving differences over trade and economic issues, New Delhi said, as relations continue to thaw after a deadly 2020 border clash.

This isn’t just about the TikTok precedent here. It’s about reciprocity, considering that China doesn’t allow products like ChatGPT, Gemini, Claude, and Meta AI. Apple Intelligence is also unavailable in China, as Apple has to partner with a local AI provider to release it. By the way, TikTok is also unavailable in China.

News from China upset U.S. markets Monday and disrupted the frenzy that had built up around artificial intelligence.

The success of DeepSeek’s new AI model points to how China might eventually achieve an even bigger technological breakthrough in the face of US export curbs: Producing its own cutting-edge chips.As tech leaders and politicians marvel at DeepSeek’s apparent ability to build an innovative AI model without spending nearly as much as rivals in the US,

Oil prices fell about 3% to a two-week low on Monday, pressured by losses in Wall Street technology and energy stocks, as investors took cover after news of surging interest in Chinese startup DeepSeek's low-cost artificial intelligence model.

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.

President Donald Trump said DeepSeek’s AI advances should be a “wake-up call” for the U.S.