A tariff tantrum. DeepSeek’s deep impact. The Philadelphia Eagles’ return to the Super Bowl. Investors have seen plenty to put them on edge so far in 2025.

HONG KONG (AP) — Asian shares Friday were mixed, with Chinese technology stocks rising as most other Asian equities declined.

The ramifications of Chinese startup DeepSeek, with its promise of delivering cheaper, more energy-efficient alternatives to harness artificial intelligence, have yet to be fully reflected in U.S. equities. That’s the thinking of Don Townswick, director of equity strategies at Conning Asset Management, which oversees $170 billion in assets.

A warning of a U.S. stock market bubble, advises diversification into value stocks, commodities, and international equities to mitigate risk.

News from China upset U.S. markets Monday and disrupted the frenzy that had built up around artificial intelligence.

The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, rose as much as 2.9% on Friday, reflecting a rise of more than 20% from its January low.

China’s growing clout in the artificial intelligence space has sparked a wave of optimism toward the nation’s tech shares, with a gauge entering a bull market and brokers issuing upbeat calls.

The Hang Seng Tech Index gained 2.5% on Friday, with a total increase of more than 20% since January. It appears that DeepSeek’s hype has erased concerns of trade wars among Chinese investors, due to which China’s tech stocks in Hong Kong continue to surge.