IT IS Widespread lore in Silicon Valley that no firm has an even bigger moat than Nvidia, the world’s dominant provider of chips for synthetic intelligence (AI). That was true till January twenty seventh, when a Chinese language agency known as DeepSeek, bearing an AI mannequin that it stated price lower than $6m to coach, blew an almost $600bn hole within the worth of the semiconductor big, marking the most important one-day loss within the historical past of America’s stockmarket. Consider it because the Twenty first-century equal of a shot from a trebuchet, the medieval contraption able to decreasing fort partitions to rubble. Have Nvidia’s defences lastly been breached?
