Nvidia was falling early Friday as politicians and Big Tech firms comment on the effects of Chinese firm DeepSeek’s apparently low-cost AI.

Nvidia crossed below its 200 day moving average for the first time since 2023 this week. Analysts say the correction could deepen.

China’s DeepSeek says it trained an AI model for less than $6 million. This is as big U.S. tech companies have poured billions of dollars into AI chips and systems for their projects.

Stocks rose Friday as Apple led a broad rally following a strong investor reaction to its quarterly earnings report and the market closes out a whirlwind week highlighted by Nvidia’s record-breaking losses in reaction to China’s DeepSeek cheaper AI model and a flurry of earnings reports.

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Organised AI chip smuggling to China has been tracked out of countries including Malaysia, Singapore and the United Arab Emirates, according to a source.