DeepSeek Blues: Deja Vu?

DeepSeek Blues

The AI melt-up is starting to wobble. Momentum is suffering its worst unwind since 2022 just as semis crack, volume anomalies emerge, and one of the market’s most crowded trades starts losing momentum fast.

The key question now is whether this is just another short-term shakeout, or the start of a larger unwind in AI momentum.