In this calm after the storm, we witness a seemingly serene stock market volatility. Investors’ overreaction to DeepSeek has seemingly settled down, but those ‘sunk’ companies like Nvidia are still struggling to swim. The market’s response to DeepSeek’s low cost and efficiency is like a spectacular fireworks show, dazzling yet leaving only the companies on the edge of the explosion to endure the aftermath. Meanwhile, those ‘lucky’ bystanders, such as Siemens Energy, seem to be reaping benefits from this storm. Behind this storm is China’s rise in the field of artificial intelligence, and the US may need to re-evaluate its global technological leadership status.
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