Shares of U.S. power, utility and natural gas companies sold off on Monday in some of the biggest recorded one-day drops, as new AI technology from Chinese start-up DeepSeek cast doubt on a projected surge in U.

DeepSeek's efficient AI model has raised questions about Big Tech's artificial intelligence investments and created uncertainty for the data center industry.

US data centers will need 55 gigawatts of new power capacity within the next five years, according to a report released this week by Bloom Energy. The report, based on a survey of 100 data center leaders, also shows that 30% of all sites will be using onsite power by 2030.

Early Monday trading saw sharp declines across the US stock market, triggered by the unexpected rise of a Chinese AI app, DeepSeek. Over the weekend, DeepSeek soared to the top of Apple’s app chart, sending shockwaves through industries tied to artificial intelligence.