European shares slid on Monday as the technology sector joined the retreat in other markets after China's upgraded low-cost, low-power artificial intelligence (AI) model sparked worries about the profits of rivals and the need for costly tech.

Global chip stocks slumped Monday on DeepSeek revealing it had developed AI models that nearly matched American rivals despite using inferior chips.

DeepSeek topped the Apple App Store over the weekend, and R1 had already cracked the top 10 of the UC Berkeley leader board Chatbot Arena, a ranking of the top-performing AI assis

Futures linked to the tech-heavy Nasdaq tumbled on Monday as the overwhelming popularity of an inexpensive Chinese artificial intelligence model sparked a selloff in AI-related shares, with megacap stocks including Nvidia the worst hit.