DeepSeek’s AI products have shaken up the American stock market and tech industry—but some experts are questioning how big of a threat the Chinese company really is.

Stocks tumbled after a Chinese AI startup said its models can compete with the likes of ChatGPT and other U.S.-based models at a fraction of the cost.

DeepSeek is a new artificial intelligence chatbot that’s sending shock waves through Wall Street, Silicon Valley and Washington. The app, name after the Chinese start-up that built it, rocketed to the top of Apple’s App Store in the United States over the weekend.