Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Canton-Away, Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.

The Deep Seek freak out is in full display as China's free open source model throws into question the entire AI buildout.

Nvidia briefly was set for its biggest one-day drop

in five years. A ton of earnings and macro definitely on deck for the week. A roadmap will begin

with Nvidia, Broadcom, and the chips in general plunging as the broader market also is lower

ahead of the open on news that this Chinese company has built a lower cost and possibly competitive

AI model. Plus, we also have the Fed on deck despite rate cut demands from President Trump.

The Fed is expected to remain on hold this week. And we're keeping an eye on shares of AT&T.

They're rallying the pre-market. Fourth quarter profit was up sharply. The company's bundled

5G fiber plans boosting holiday

quarter subscriptions. But it's all about one thing this morning, Carl. That is for sure. This

morning sell-off sparked by this Chinese AI startup called Deepseek, if you haven't heard about it by

now. It has surged to number one on Apple's App Store. It has surpassed Chat GPT.

Its success with a less expensive model has taken a toll on shares of Invidia and other chipmakers, Jim.

Andresen calls it the AI Sputnik moment.

Right.

Look, I think you can certainly make any claim you won.

I think that what matters to me is in the end is numbers.

And do you pause your invidia orders? Do you just say, you know what? I've spent a lot on

Nvidia. Now I can hold back. Or is this some sort of a prisoner's dilemma where if you hold back,

then maybe Ellison goes and buys. I think that invidious really the target here, because it's cost so much money, and it just doesn't seem to be able to command that kind of money if this is that good. But, David, I'm going to leave you with something I think is really important. Please. What? Please leave me with something that's really important. Well, I mean, this is a Chinese product. It is. Okay, I put in to my very helpful deep seat is what famous picture has a man with grocery

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