In terms of what also might be a risk Ed Yardeni also points to a WSJ article (linked below) that profiles a #China company, DeepSeek, whose AI models "have zoomed to the global top 10 in performance, according to a popular ranking," although it has some drawbacks such as refusals to answer politically sensitive questions or coating them in PRC rhetoric.  

Still, Marc Andreessen, the Silicon Valley venture capitalist who has been advising President Trump, in an X post on Friday called it "one of the most amazing and impressive breakthroughs I’ve ever seen."

The advance was made despite limited access to Nvidia's most advanced chips, instead relying on cheaper (and available) H800 GPU's.  

Yardeni: "This might be bad news for the Mag-7 that have plans to dominate the AI market with their (expensive) AI services. On the other hand, it might mean that AI systems will be more accessible and cheaper. If so, the best way to play AI might be the S&P 493 companies that will be cutting their costs and boosting their productivity using this new technology. It might be good news for the Mag-7 that can learn from DeepSeek to design AI systems with cheaper GPUs. That would reduce their capital spending and boost their profits. It might not be a happy development for Nvidia."