A Chinese startup's promise of cheaper AI has rattled faith in the growth prospects for tech stocks.

If the most sought-after AI chips aren't as vital as previously thought, an entire ecosystem built around massive AI investment could be in jeopardy.

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.

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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.