DeepSeek challenged a tech industry consensus that to build bigger and better A.I. systems, companies would have to build bigger and more powerful data centers. It set off fears that companies might pullback on their spending with Nvidia.

Since then, a new consensus has emerged that Nvidia will continue to benefit because it will become affordable for more companies to develop A.I. systems. An expanded field of A.I. business would create more customers for Nvidia’s expensive chips, not fewer, as initially scared.