"In our view this is a correction and not the start of a sustained bear market," Goldman Sachs said. DeepSeek sparked a $1 trillion market rout on Monday.

DeepSeek’s breakthrough is “a wake up call” that adds to market concentration risks, Oppenheimer and team say: a reminder that benefits from any revolutionary technology don’t automatically accrue to big spenders at the start of the adoption cycle, and that competition humbles even the biggest companies.

The report comes as tech stocks, led by the Magnificent Seven—think Apple, Microsoft, Google, and their mega-cap friends—take a hit after DeepSeek’s debut.