This Is What It Looks Like When Doves Cry...

A busy week that, at the highest level, saw two major narratives either tweaked or outright 'reset' in the last few days, according to Nomura's Charlie McElligott:

• The first “reset” was of the AI hierarchy chess board this week with Google > OpenAI, with the Gemini 3 TPU breakthrough pulling us into a new “Deepseek Moment” and freaking-out the prior orthodoxy, which centered around OpenAI