Tech stocks are selling off sharply on Monday, triggered by concerns that China’s just-released DeepSeek AI assistant may steal the thunder from U.S.-based platforms like OpenAI’s ChatGPT. Before this week, however, markets have been responding with gusto since November’s presidential election, especially in a few key — and perhaps expected — industries.
The biggest winner so far was the automobile industry, led by Tesla, up an impressive 70% since Election Day as of Friday. General Motors, while not quite as flashy, was up about 5%. Despite President Donald Trump’s rollback of Joe Biden-era electric vehicle mandates, Tesla has continued to command investor confidence, possibly due to Elon Musk’s close ties to the president.
Electricity producers also saw a boost, driven by the AI boom. Data centers, which currently consume 1% to 2% of global power, could grow to 3% to 4% by the end of the decade, according to Goldman Sachs...
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