A busy stock market week bookended by DeepSeek and Trump tariffs, by the numbers

News from China upset U.S. markets this week and disrupted the frenzy that had built up around artificial intelligence.

A company called DeepSeek announced that it had developed a large language model that can compete with U.S. AI giants but at a fraction of the cost. DeepSeek had already hit the top of the chart for free apps on Apple’s App Store by Monday morning, and analysts said such a feat would be particularly impressive given how the U.S. government has restricted Chinese access to top AI chips.

Chipmakers incurred some sizeable losses. Still, the noise in the tech sector obscured some solid gains in other parts of the market, such as the consumer discretionary sector, which includes Amazon and Tesla, and the communications sector, which counts Meta Platforms as a member. Cruise lines were also standouts.

The S&P 500 closed the week with a loss of 1%. The market got a slight jolt late Friday after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.

Here's a look the week in the stock market, by the numbers:

The week’s decline in the S&P 500 tech sector, the biggest drop in the index in about four months. Big losses for chipmakers like Nvidia, Micron Technology and Broadcom weighed down the index. The decline would have been worse if not for a solid gain in shares of Apple.

The approximate point drop in the S&P 500 Friday between the time the White House confirmed Trump's decision on tariffs and the close of the market. That's a drop of about 1.2%. Though not a dramatic swing, it does harken back to Trump's first term, when pronouncements on trade policy could bring about rapid change in the direction of the stock market.

The approximate decline in Nvidia’s market value on Monday, a record. The decline was more than the combined market value of home improvement giants Home Depot and Lowe's. Nvidia still carries a market value of just under $3 trillion. The company's billionaire CEO, Jensen Huang, saw his net worth drop by nearly $21 billion Monday.

The weekly decline in Constellation Energy Corp., which isn't a tech company but an independent power producer. Shares of power companies such as Constellation, Vistra and GE Vernova had soared on expectations that the build out of AI infrastructure in the U.S. will require enormous amounts of power.

That's the amount Facebook and Instagram parent Meta Platforms agreed to pay to settle a 2021 lawsuit that President Donald Trump brought against the company and CEO Mark Zuckerberg after Trump’s accounts were suspended following the Jan. 6, 2021, attack on the U.S. Capitol. More importantly for shareholders, Meta reaffirmed its commitment to spending heavily to implement its AI strategy.

The weekly gain for Apple Inc., which ironically may have benefitted from DeepSeek's announcement. Unlike tech peers such as Microsoft, Google corporate parent Alphabet Inc. and Meta, Apple hasn’t been investing as heavily in AI – one of the reasons it has been seen as an industry laggard. But that restraint could work to its advantage if DeepSeek’s early breakthroughs in driving down AI costs gains momentum.

Monday's drop in Oracle CEO Larry Ellison’s net worth after the selloff, according to Forbes Real-Time Billionaires list. Ellison’s net worth jumped last week after President Donald Trump said a new partnership formed by OpenAI, Oracle and SoftBank would spend up to $500 billion for infrastructure tied to AI. Forbes' tally shows Ellison made back about $13 billion of the drop as this week went along and Oracle’s stock recovered.

That's when Royal Caribbean Group, known mainly for its namesake ocean cruises, plans to enter the river cruise market. That news, plus better-than-expected quarterly earnings, helped Royal Caribbean post the biggest weekly gain of any stock in the S&P 500 at nearly 15%.

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This story has been corrected to say that Constellation Energy had a weekly decline, not gain.

Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Jan. 29, 2025. (AP Photo/Seth Wenig)

A view of the New York Stock Exchange, Monday, Jan. 27, 2025, in New York. (AP Photo/Julia Demaree Nikhinson)

NEW YORK (AP) — The R&B singer Cassie returns to the witness stand Wednesday after a day spent recounting grotesque and humiliating details of life with her ex-boyfriend, Sean “Diddy” Combs.

During her first day of testimony Tuesday at Combs' sex trafficking trial, Cassie described being pressured into degrading sexual encounters with paid sex workers. She also recounted being beaten numerous times by Combs when she did things that displeased him — like smiling at him the wrong way.

“You make the wrong face and the next thing I knew I was getting hit in the face,” she said.

Cassie, whose legal name is Casandra Ventura, accused Combs of gaining her submission by threatening to publicly release videos of her with male sex workers.

Combs’ attorneys have acknowledged Combs could be violent but maintain that the sexual acts were consensual. They say nothing he did amounted to sex trafficking or racketeering — the charges that he faces.

Lawyers for Combs have yet to cross-examine Cassie, a type of questioning that will give them an opportunity to challenge her credibility or poke holes in her accounts of what happened.

The trial is expected to last about two months.

Prosecutors have accused Combs of exploiting his status as a powerful music executive to violently force women into drugged-up sex parties he called “freak offs."

Cassie met Combs in 2005, when she was 19 and just at the start of a career as a singer, model and actor. She had a hit song, “Me & U,” in 2006 off an album released by Combs' Bad Boy Records.

Combs, who was 37 when they met, nurtured her career early on and also became her boyfriend for a decade.

Cassie left Combs' record label in 2019 and then sued him in 2023, accusing him of years of physical and sexual abuse. She told jurors during her testimony Tuesday that there were loving moments during their relationship but that Combs was always controlling and often violent.

Cassie said she was 22 when Combs first asked her to do a “freak off,” with the first one occurring in his Los Angeles home with a male stripper that left her feeling dirty and confused, but relieved that Combs was happy.

“It was his fantasy,” she said. “He was controlling the whole situation. He was directing it.”

Combs, 55, has been jailed since September. He faces at least 15 years in prison if convicted.

Sean Diddy'Combs, far left, and attorney Marc Agnifilo, second from left, listen as witness Cassie Ventura, far right, answers questions from assistant US Attorney Emily Johnson, center, with Judge Arun Subramanian presiding in Manhattan federal court, Tuesday, May 13, 2025, in New York. (Elizabeth Williams via AP)

Sean Diddy'Combs, far left, and attorney Marc Agnifilo, right, sit at the defense table during witness testimony in Manhattan federal court, Tuesday, May 13, 2025, in New York. (Elizabeth Williams via AP)

Cassie Ventura takes an oath before testifying in Manhattan federal court, Tuesday, May 13, 2025, in New York. (Elizabeth Williams via AP)

Cassie Ventura wipes tears from her eye while testifying in Manhattan federal court, Tuesday, May 13, 2025, in New York. (Elizabeth Williams via AP)