Market reading
2025 · efficiency threat
2026 · demand signal
DeepSeek price behavior read two ways: efficiency threat vs demand signal
inference demand
capacity cap
export controls
domestic compute · Huawei Ascend
export controls cap the ceiling
DeepSeek API
race-to-zero pricing
prices up sharply
cites capacity
Market reading
efficiency lens
demand lens
2025
Efficiency threat
GPU demand at risk
2026
Demand signal
supports GPU / capex