浦银国际策略观点：DeepSeek如何影响美股AI主题投资逻辑？

Core Insights - DeepSeek is expected to accelerate the development of AI, impacting the stock prices of major tech companies, particularly chip manufacturers like Nvidia, which saw a significant decline [3] - The long-term advantages of large tech companies such as Microsoft, Google, Amazon, Meta, and Apple are expected to remain intact despite the emergence of new algorithms [3] - Nvidia is anticipated to continue benefiting from the AI industry's growth, as its software advantages and existing market expectations mitigate the impact of new algorithms [3] Industry Overview - The development of AI technology relies on three core components: algorithms, computing power, and data. Limitations in one area will drive innovation in the others [3] - The emergence of more efficient and cost-effective AI models is likely to stimulate growth in application layers, creating new business models [3] - The AI industry is still in its early stages, and while sentiment may be negatively affected in the short term, the long-term outlook remains positive [3] Short-term Market Dynamics - The introduction of DeepSeek may lead to a temporary decline in demand for chips from major tech companies, affecting sentiment towards chip manufacturers like Nvidia [3] - Despite potential short-term volatility, large tech companies are unlikely to drastically reduce chip purchases due to the competitive landscape [3] - The emergence of DeepSeek may weaken the competitive position of closed-source models from companies like OpenAI and Google's Gemini [3] Company Analysis - A list of 24 companies in the AI industry chain has been compiled for reference, highlighting their market capitalization and recent performance [4] - Nvidia (NVDA) has a market cap of $294.05 billion and experienced a 16% decline in the past week, while other companies like AMD and Microsoft also faced declines [4] - The report emphasizes the importance of selecting companies with a strong competitive moat in a rapidly changing industry environment [3]