Lower construction spending on data centers because of DeepSeek could negatively impact heavy equipment stocks like Caterpillar, JPMorgan said.

The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, rose as much as 2.9% on Friday, reflecting a rise of more than 20% from its January low.

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Entrepreneur Marc Andreessen, known for co-writing Mosaic, one of the world’s first web browsers, wrote Sunday on X that “DeepSeek R1 is AI’s Sputnik moment,” likening it to the space race between the U.S. and the Soviet Union and the event that forced the U.S. to realize that its technological abilities were not unassailable.

Asian shares Friday were mixed, with Chinese technology stocks rising as most other Asian equities declined. Japan’s benchmark Nikkei 225 dipped nearly 0.44% in early trading to

China’s growing clout in the artificial intelligence space has sparked a wave of optimism toward the nation’s tech shares, with a gauge approaching a technical bull market and brokers issuing upbeat calls.

China’s DeepSeek and President Trump’s tariffs can’t seem to derail the stock market. The S&P 500 is coming off back-to-back winning sessions, shrugging off two sizable sell-offs in back-to-back weeks as well as a weak showing from Big Tech earnings.