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

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.

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

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 Chinese company’s cut-rate computing solution has upended the tech world, with companies, investors and even the U.S. government trying to understand what it means for the future.

"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.

The Chinese firm threatens the dominance of Silicon Valley’s AI elite, and its innovations show the technology could be more affordable and less costly to the environment