AP ImagesConcern over the arrival of powerful and cheap Chinese artificial intelligence (AI) software triggered a record selloff in the U.S. stock market on Monday. Moreover,The drop rippled through the rest of the market due to how much weight Nvidia has in major indexes. “Nvidia has been the biggest beneficiary of the influx in spending on AI because they design semiconductors used in the technology. On Friday, Facebook and Instagram parent company Meta announced plans to increase spending on AI projects by around half, to as much as $65 billion. AI competitiveness was a concern for the former White House administration, and it is for the Trump administration as well.