Wall Street was set to drop at the open on Monday, as the surging popularity of a low-cost Chinese artificial intelligence model sparked a selloff in chipmaker Nvidia and other companies that stand to benefit from investments into the technology.

Meta, Apple, Microsoft and Tesla report quarterly results, as analysts start to focus more on AI results. Earnings are also due from Starbucks and Boeing.

Wall Street is tumbling on fears the big U.S. companies that have feasted on the artificial-intelligence frenzy are under threat from a competitor in China