If you hadn’t yet heard of DeepSeek last Friday morning, you certainly did by last night.
As Goldman Sachs head of hedge fund coverage, Tony Pasquariello, issued a brief note this morning noting that in his client discussions over the past 24 hours, the single biggest question is this: what is the efficacy -- and, in turn, the sustainability -- of AI capex now?
In one fell swoop, he notes, the local market narrative around AI has changed, and with that the entire YTD gain in NDX futures has been erased.
