"In our view this is a correction and not the start of a sustained bear market," Goldman Sachs said. DeepSeek sparked a $1 trillion market rout on Monday.

Monday’s trillion-dollar stock-market wipeout will be remembered as an opportunity to scoop up shares of some of the most valuable U.S. companies at a discount, according to a team of equity strategists at Goldman Sachs Group.

The report comes as tech stocks, led by the Magnificent Seven—think Apple, Microsoft, Google, and their mega-cap friends—take a hit after DeepSeek’s debut.

DeepSeek’s breakthrough is “a wake up call” that adds to market concentration risks, Oppenheimer and team say: a reminder that benefits from any revolutionary technology don’t automatically accrue to big spenders at the start of the adoption cycle, and that competition humbles even the biggest companies.

The steep selloff in technology stocks prompted by the emergence of the Chinese artificial intelligence (AI) app DeepSeek was not the start of