Shares of Nvidia, Broadcom, and ASML slump as China’s DeepSeek threatens the companies’ dominance in artificial intelligence, while AI energy and infrastructure stocks such as Vistra and GE Vernova tumble.

Tesla Inc. CEO Elon Musk cast doubt Wednesday on the ambitious $500 billion Project Stargate, hours after its announcement, claiming lead investor SoftBank Group SFTBY -0.36% + Free Alerts SFTBF + Free Alerts has “well under $10B secured.”

Elon Musk threw shade at OpenAI’s Sam Altman on Tuesday after his rival took center stage at the White House to unveil his ambitious $500 billion “Stargate” AI infrastructure project.

Trump was joined by SoftBank Group Corp.’s Masayoshi Son, OpenAI’s Sam Altman and Oracle Corp.’s Larry Ellison at the White House to announce the venture, dubbed Stargate, which they said would deploy $100 billion immediately with the goal of eventually spending $500 billion for the construction of data centers and physical campuses.

Masayoshi Son founded SoftBank in 1981. It has invested millions in some of Silicon Valley's biggest tech companies.

Bannon tore into Musk, revealing another fissure in the MAGA world over Trump's highly touted Stargate project.

Elon Musk had sharp words for a private-sector partnership touted this week by the Trump administration to hasten the development of artificial intelligence infrastructure. “They don’t actually have the money,” Musk said of two of the participants in the $500 billion initiative, OpenAI and SoftBank, on his social media site X.

Elon Musk is already casting doubt on OpenAI’s new, up to $500 billion investment deal with SoftBank (SFTBY) and Oracle (ORCL), despite backing from his allies — including President Donald Trump.

Shares of Nvidia, Broadcom, and ASML slump as China’s DeepSeek threatens the companies’ dominance in artificial intelligence, and Tesla falls ahead of earnings from the electric-vehicle giant later this week.

SoftBank Group Corp. and OpenAI each plan to commit $19 billion of capital to Stargate, the $100 billion US AI endeavor President Donald Trump unveiled this week, the Information reported.Most Read fr

Big tech's rapid earnings growth finally slowing has been a risk to the market strategists have been talking about for more than a year.

Stocks futures are pointing to a sharply lower open on Monday as technology stocks tumble on concerns about the competitive threat that China poses in the race to develop artificial intelligence.