Some analysts believe the selloff amounted to little more than an overreaction. “I believe the demand for the best AI hardware will persist,” tech analyst Gene Munster said on X. “Hyperscalers, enterprises, and sovereign entities are not looking for a cheaper way to achieve AGI [artificial general intelligence]. They’re looking for a faster way to get there. DeepSeek doesn’t alter that dynamic.”

Don’t “buy into the doomsday scenarios currently playing out” about DeepSeek, Bernstein analyst Stacy Rasgon wrote to note to clients, adding the “panic over the weekend seems overblown”.