Markets widely expect the central bank to hold its lending rate steady in its decision, expected at 2 p.m. ET.

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.

Meanwhile, a slew of other tech executives including Elon Musk, Jeff Bezos and Mark Zuckerberg are reportedly set to attend the events on Monday.

The Chinese start-up DeepSeek’s latest large language model has been described as a ‘Sputnik moment’ for the American tech industry

Nvidia's chief executive Jensen Huang said on Friday he will not be attending U.S. President-elect Donald Trump's inauguration, but will instead be "on the road" celebrating the Lunar New Year with employees and their families.

Tech stocks led markets lower on Wednesday as the broader mood stayed muted after the Federal Reserve's latest interest rate decision saw the central bank keep rates unchanged in a range of 4.25%-4.5%.

Chinese bloggers, state media and local citizens have welcomed DeepSeek's global success with pride and glee, with some saying the homegrown AI startup's meteoric rise is a sign China is beating back Washington's attempts to contain the country's tech industry,

The emergence of the DeepSeek chatbot has sent Silicon Valley into a frenzy, with calls to go faster on advancing artificial intelligence and beat communist-led China before it is too late.

Did the upstart Chinese tech company DeepSeek copy ChatGPT to make the artificial intelligence technology that shook Wall Street this week.

With inflation still hovering above the 2% target, policymakers are expected to take a cautious stance, closely monitoring economic trends and the potential impact of the new administration’s policies.