The emergence of DeepSeek is casting doubt on the power needs of AI—and on the stocks of independent power producers.

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.

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.

This week's announcement by President Donald Trump of a massive private-sector investment to build more AI data centers casts a spotlight on a relatively small and nimble class of cloud computing firms positioned to play a bigger role in the tech sector.

The joint venture aims to deliver 4 gigawatts of electricity for data centers starting by the end of 2027.

Key Takeaways Chevron and GE Vernova have partnered to build natural-gas power stations for U.S. data centers.The joint venture, which also includes investment firm Engine No. 1, plans to deliver up to 4 gigawatts of power,