I guess the second round effect in NVIDA stocks will be far more important than teh first one.
If DeepSeek can "democratize" the access to AI, shifting the war from Hardware (NVIDIA) to software (OpenAI, vs X vs China), in the end AI models will be more used, and in the end the HArdware, even if commoditised, will be the true winner, as the underlying layer for every running models.
Nvidia at the moment is claiming to be "World Leader in Artificial Intelligence Computing" and they definitely don't want the paradigm to be shifted from Hardware to software. If DeepSeek gets successful in proving that power is in software not the underlying hardware then there will be big chaos in the hardware manufacturing market. If that happens then we can have things like network routing and switching moving to software from specialised hardware made by Cisco, Huawei etc