"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.

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.

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.

Goldman Sachs downgraded the vaccine maker to Neutral from Buy and slashed its stock-price target to $51 from $99 Wednesday.