Jan. 27, 6:30 p.m. EST President Donald Trump said at a House Republican retreat that the launch of the AI model was “a positive development” but should be considered a “wake-up” call for U.S. industries, lauding the move for what he hoped would usher in a future of “coming up with a faster method of AI, and much less expensive method.”

Silicon Valley and Washington leaders said the app shows China can challenge the U.S. The Nasdaq lost 3 percent and chipmaker Nvidia shed $589 billion in market capitalization.