Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

Nvidia was gaining in Tuesday trading. The chip maker looks set to gain from the wider market relief around last-minute deals that averted the U.S. putting tariffs on goods imported from Mexico and Canada.

Chinese startup DeepSeek said it trained its AI model for less than $6 million, compared to the billions of dollars U.S. tech companies are spending. Nvidia stock plummeted in one trading session on concern that certain customers may opt for cheaper AI chips.

Silicon Valley giants Apple (-3%) and Nvidia (-5%), two of the American multinational companies with the highest proportion of sales in China, faltered, while semiconductor chip players including Broadcom (-3%) and Intel (-3%) suffered as the industry heavily reliant on the global supply chain digested the trade conflict.

Nvidia stock dropped as much as 5% in early trading Monday, extending the prior week’s declines as investors reacted to Trump’s new tariffs. US president Donald Trump on Satur