The SPDR S&P 500 ETF (SPY) closed at $599.37 on January 27, down 1.41%, as the S&P 500 Index fell 1.46% to 6,012.28, driven by concerns over the disruptive potential of DeepSeek's AI model. DeepSeek's cost-effective AI solution has raised fears about the profitability of major U.S. tech firms, leading to a sharp sell-off in technology stocks. Nvidia and Broadcom, key players in the AI chip market, saw significant declines of 16.9% and 17.4%, respectively, as investors reassessed the competitive landscape. The broader market was also impacted by geopolitical tensions and the anticipation of the Federal Reserve's upcoming policy meeting.