• Fund manager Dan Niles cautions that Nvidia’s rebound may be short-lived after its 16.9% drop on Monday, sparked by China’s DeepSeek unveiling a low-cost AI model. While Nvidia shares recovered nearly 9% on Tuesday, on Wednesday, all three major indexes closed lower, pressured by a 4% drop in Nvidia. The losses followed the Fed’s decision to pause its rate-cutting cycle, keeping interest rates steady between 4.25% and 4.5%. Niles warns investors not to assume the bottom is in, suggesting the company’s revenue growth could slow from 50% to 20-30%, leading to more downside.

• Monday’s decline wiped over $595 billion from Nvidia’s market cap—the largest single-day drop on record. Despite this, Nvidia welcomed the rise of Chinese AI competition, calling DeepSeek’s model an "excellent advancement" and seeing continued demand for its GPUs.