you're looking at it from economic theory not from stock market. NVIDIA's insane valuation right now was based on an almost exponential increase in demand for

you're looking at it from economic theory not from stock market. NVIDIA's insane valuation right now was based on an almost exponential increase in demand for more and more of it. It's priced in that NVIDIA will continue that trend. DeepSeek proves that trajectory is no longer needed (not that it was ever cemented in rationalism), so anything less than the continued exponential growth would send stock down.