[suraci]

1. the market expected more

2. investors bet on AI with a belief that 'more capex' = 'more advantages', which was crushed by deepseek, https://news.ycombinator.com/item?id=42558187

3. most important, risk appetite is changing, the space for imagination is diminishing

[UncleOxidant]

> the space for imagination is diminishing

Interesting way to put it. But I wonder if "the space for imagination" is moving elsewhere?

[suraci]

nvidia tried to move it to robotics, but this only works if the risk appetite is still high. That's the part we can't be sure about until we live through it