The sudden rise of Chinese AI app DeepSeek has leaders in Washington and Silicon Valley grappling with how to keep the U.S. ahead in the crucial technology.

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The app's sudden popularity, as well as DeepSeek's reportedly low costs compared to those of US-based AI companies, have thrown financial markets into a spin. Silicon Valley venture capitalist Marc Andreessen has hailed DeepSeek as "one of the most amazing and impressive breakthroughs" in AI.

Silicon Valley and Washington leaders said the app shows China can challenge the U.S. The Nasdaq lost 3 percent and chipmaker Nvidia shed $589 billion in market capitalization.

The S&P 500 and the Nasdaq dropped on Monday, as the surging popularity of a low-cost Chinese artificial intelligence model knocked shares of chipmaker Nvidia and other companies benefiting from investments into the technology.

Oil company Chevron is partnering with Engine No. 1 and GE Vernova to create natural gas power plants in the United States that will be linked to data centers in order to support increased demand for electricity at these centers,

Oil and gas producer Chevron said on Tuesday it plans to build natural gas-based power plants next to data centers in the U.S., as energy demand to support the growth of artificial intelligence is expected to boom.

Chevron and GE Vernova will build enormous natural-gas power plants for artificial-intelligence data centers around the country that are big enough to power entire cities, the companies announced on Tuesday.