Nvidia is down 8%, 10%, 15%....I can’t keep track. The $3 trillion chipmaker is acutely hurt by the emergence of DeepSeek onto the scene, which offers a way to be competitive on AI without participating in a chip arms race/rat race. That’s in large part because investors had already baked in expectations for along AI spending binge into Nvidia moreso than any other company. Of the top 20 companies in the S&P 500, there’s only one that was expected to grow earnings even half as fast as Nvidia’s 51% in 2026. At the very least, those 2026 profit estimates -- the product of its megacap peers’ massive capital spending plans -- are going to face some pretty intense scrutiny starting now. https://lnkd.in/eR_yWxC2