The S&P 500 and the Nasdaq ended sharply lower on Monday as Nvidia and other chipmakers sold off after surging popularity of a low-cost Chinese artificial intelligence model raised investor worries about the outlooks for current AI leaders in the United States.

The Nasdaq Composite fell sharply on Monday after a Chinese artificial intelligence start-up had Wall Street rethinking many assumptions underpinning the AI stock rally. The Dow Jones Industrial Average rose about 290 points,

The S&P 500 and the Nasdaq hit over one-week lows on Monday, as the surging popularity of a low-cost Chinese artificial intelligence model knocked shares of chipmaker Nvidia and other companies benefiting from investments into the technology.