In a matter of days, DeepSeek proved to be so popular as to climb to the top of Apple's App Store, surpassing OpenAI's ChatGPT as the most downloaded app. But for owners of Nvidia stock, and stock traders in general, DeepSeek is on track of becoming a black swan — an unexpected event with extreme consequences.

Recent Chinese technology breakthroughs are more "micro- and innovation-driven in nature," wrote analysts at Goldman Sachs.

Alibaba, Tencent and other Chinese technology stocks surged Friday, lifting Hong Kong's Hang Seng Index to a near-three-year high. Market moves pointed to a likely rally in U.S. hours, too, with the Kraneshares CSI China Internet ETF,