Apple beat Wall Street's quarterly profit estimates on Thursday, but iPhone sales and China revenue for the holiday quarter were weak due to stiff Chinese competition and a slow rollout of artificial intelligence features.

Wall Street is mainly focused on Apple's iPhone sales in China and any guidance related to its March quarter, which could include iPhone SE4 sales.

NEW YORK (AP) — 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. The S&P 500 fell 1.8% in early trading Monday.

DeepSeek, a Chinese AI startup that’s just over a year old, has stirred awe and consternation in Silicon Valley after demonstrating breakthrough artificial intelligence models that offer comparable performance to the world’s best chatbots at seemingly a fraction of the cost.

A Chinese AI startup just upended the trillion-dollar AI race--sending Nvidia, Microsoft, and the Nasdaq into freefall.