Asian shares Friday were mixed, with Chinese technology stocks rising as most other Asian equities declined.Japan’s benchmark Nikkei 225 dipped nearly 0.72% in afternoon trading to 38,787.02. Australia’s S&P/ASX 200 slid just 0.

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.