I looked at the graph of price per token vs IQ and Deepseek is ~2.5 orders of magnitude ahead of similarly intelligent models, supposedly only ~2 when you factor in that it uses more tokens per task. Their data centers are profitable right now, and they use domestically produced Huawei chips with Nvidia as secondary option.

I watched that video over ten minutes and in that ten minutes several trillion dollars evaporated from my perception of the US stock market.