11:54 AM EST, 01/27/2025 (MT Newswires) -- All three major US stock indexes were in the red in late-morning trading Monday, with the Nasdaq Composite leading the way down at over minus 3%, as the emergence of Chinese startup DeepSeek has sent shares of other artificial intelligence companies stocks tumbling.

In company news, shares of Nvidia ( NVDA ) and other AI companies were down meaningfully after the rapid rise of DeepSeek, which launched an open-source AI model that can possibly run on less-advanced chips. The DeepSeek application was ranked first on Apple's ( AAPL ) App Store over the weekend, Wedbush Securities said in a note Monday. Shares of Nvidia ( NVDA ), OpenAI investor Microsoft ( MSFT ) , Broadcom ( AVGO ) and Arm Holdings ( ARM ) were down 15.6%, 3.7%, 16.5% and 10.3%, respectively, around midday.

AT&T ( T ) reported Q4 adjusted earnings Monday of $0.54 per share, the same as the year-ago period and above the estimate of analysts surveyed by FactSet calling for $0.50. Total operating revenue in Q4 was $32.30 billion, up from $32.02 billion a year earlier and above the FactSet consensus estimate of $32.02 billion. The company said it expects full-year 2025 adjusted EPS in a range of $1.97 to $2.07, below the FactSet consensus estimate of $2.16. AT&T ( T ) shares were up 5.9%.

SoFi Technologies ( SOFI ) reported Q4 adjusted earnings Monday of $0.05 per diluted share, up from $0.02 a year earlier and above the FactSet consensus estimate of $0.04. Total Q4 net revenue was $734.1 million, up from $615.4 million in the year-ago period and above the FactSet consensus of $674.6 million. The company expects Q1 GAAP EPS of $0.03 on adjusted net revenue of $725 million to $745 million. For the full year 2025, the company expects GAAP EPS of $0.25 to $0.27 on adjusted net revenue of $3.20 billion to $3.28 billion. SoFi shares were down 11.2%.

Walgreens Boots Alliance ( WBA ) shares fell Monday following a report by CNBC's David Faber stating that the company's talks with Sycamore Partners on a go-private deal are "mostly dead," according to media reports. Walgreens shares were down 5.9%.

QXO (QXO) said Monday it has launched an all-cash tender offer to acquire Beacon Roofing Supply's ( BECN ) outstanding shares for $124.25 each for an enterprise value of roughly $11 billion. QXO shares were down 4.8%, while those of Beacon were up 1.3%.

Emerson Electric ( EMR ) on Monday agreed to acquire the remaining minority stake in Aspen Technology ( AZPN ) that it doesn't currently own and take the industrial software company private in an all-cash deal worth $7.2 billion. Emerson shares were down 2%, while those of Aspen were up 3.3%.

Spotify Technology ( SPOT ) and Universal Music Group said Sunday they have signed multi-year agreements to collaborate on recorded music and music publishing. Spotify ( SPOT ) shares were up 0.5%.

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