The ProShares UltraPro Short QQQ ETF (SQQQ) surged 8.84% to close at $30.40 on January 27, as the Nasdaq 100 plummeted 2.97% amid fears surrounding a new AI model from Chinese startup DeepSeek. This model has sparked a selloff in major US technology stocks, raising concerns about the sustainability of valuations for tech giants like Nvidia, Apple, and Microsoft. The tech-heavy index's vulnerability to these companies has led to a broader market downturn, with investors seeking refuge in safer assets such as Treasuries and haven currencies. The Bloomberg Dollar Spot Index rose amid the uncertainty, reflecting a decreased risk appetite. The market's focus is now turning to the Federal Reserve's upcoming rate decision, which could further influence investor sentiment. Additionally, the SQQQ ETF saw significant fund inflows, with $230 million added last week, marking its best week of flows all year.