As the artificial intelligence (AI) revolution enters its third year, certain Wall Street analysts expect Nvidia (NASDAQ: NVDA) and Microsoft (NASDAQ: MSFT) to make history by becoming the first $4 trillion companies.

Tesla, IBM and Meta Platforms helped lead most US stocks higher on Thursday following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed.

When DeepSeek jolted the global tech world with its low-cost model, it also threw the spotlight on China’s booming AI market, a sector that the Chinese government has identified as a national priority.

DeepSeek, a Hangzhou-based startup founded in 2023, shot to the top of Apple’s App Store free app chart after releasing a new open-source AI model it says rivals OpenAI's work. Its website was hit by outages amid a spike in interest.