A frenzy over an artificial intelligence chatbot made by Chinese tech startup DeepSeek was upending stock markets Monday and fueling debates over the economic and geopolitical competition between the U.

The tech-heavy Nasdaq composite closed down nearly 3% on Monday, with shares of AI-focused chipmaker Nvidia plunging 17% and shaving nearly $590 billion from the company’s market cap.

Here’s what you need to know about DeepSeek, the Chinese AI startup that rattled markets as its app dethroned OpenAI's as the most-downloaded free app in the U.S. on Apple.