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IT IS Widespread lore in Silicon Valley that no firm has a much 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 value lower than $6m to coach, blew a virtually $600bn hole within the worth of the semiconductor big, marking the largest 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 lowering citadel partitions to rubble. Have Nvidia’s defences lastly been breached?
