Stocks are getting hammered on Monday, with hefty declines in the technology sector as artificial intelligence big guns like Nvidia, Qualcomm and Intel took a dive. Not only is DeepSeek’s app now top of the leaderboard on the Apple Store in terms of downloads, online searches for “DeepSeek” have exploded in the last 7 days, while those for its larger competitor have remained stagnant. The Magnificent Seven, a group comprising Wall Street’s biggest companies by market capitalisation that includes Apple, Microsoft, Nvidia and Facebook parent Meta, now account for a third of global market value, compared with around a fifth two years ago, according to asset manager Federated Hermes.