Nvidia’s H20 chips are in high demand in China—indicating that DeepSeek's more efficient AI doesn’t mean lower chip demand.

Those issues have raised questions over Nvidia’s near-term financials. And those questions have arrived as investors reckon with the prospect of slower growth from the company and other Big Tech players that have gone all in on AI — generally by spending billions and loading up on Nvidia’s chips.

The world's second most valuable company has been the top beneficiary of an AI-driven spending spree by big technology companies over the past two years.