"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.

Shares of vaccine maker Moderna fell Wednesday as Goldman Sachs lowered its rating after the biotech’s second cut to product revenue guidance in six months.

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.

As we’ve written numerous times elsewhere, the cause of Monday’s DeepSeek market wobble were fears that good-enough LLMs won’t cost billions to build and run, and that supplying them won’t be a winner-take-all competition.