Leading the swing were Apple and Nvidia, both Silicon Valley giants with significant dealings in China, as shares of Apple went from as much as a 4% morning gain to a 2% daily loss by late afternoon, and Nvidia stock turned what was as much as a 3% gain to a 3% daily drop.

DeepSeek, a Chinese artificial intelligence (AI) start-up, is sending shock waves through the U.S. tech sector by demonstrating its latest AI assistant, which achieves performance comparable to or even surpassing some of the world's best chatbots.

U.S. President Donald Trump and the CEO of Nvidia Jensen Huang discussed DeepSeek - the Chinese company whose AI model's performance rocked the tech world - and tightening AI chip exports during their meeting at the White House on Friday,

President Donald Trump is meeting Friday with Nvidia CEO Jensen Huang, whose company designs and supplies the advanced computer chips that play an integral role in developing artificial intelligence.

Trump says he had a 'good meeting' with Jensen Huang but still plans to tariff foreign-manufactured semiconductors. Tariffs on China and Mexico also go into effect tomorrow.