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More than a trillion dollars have been erased from the U.S. stock market.

Tech stocks dropped after China's DeepSeek released a cheaper AI model.

Plus, is this the correction in AI stocks investors we're expecting?

Today is one of the big first pullbacks against that theme that we've seen over the last year or two.

And it has raised in a really big way whether the market

has overvalued some of these stocks. And a top prosecutor has opened a review of the Justice

Department's decision to charge hundreds of defendants of the January 6th riots. It's Monday,

January 27th. I'm Alex Sosela for the Wall Street Journal. This is the PM edition of

What's News, the top headlines and business stories that move the world today.

An artificial intelligence model from the Chinese company Deepseek has sparked a deep freakout

among investors. Invidia stock tumbled nearly 17%, wiping out about $593 billion from the company's market cap.

Makers of AI infrastructure, such as Oracle, Supermicrocomputer, and TSM also suffered deep declines.

That pushed several major U.S. stock indexes down, though the Dow edged nearly 0.7% higher. The NASDAQ fell about

3% and the S&P 500 declined about 1.5%. The reason? A Chinese artificial intelligence company

called DeepSeek. Last week, the company put out a paper that said it had created an accurate AI

model that it trained for relatively cheap,

...