When Deepseek turned up earlier this year I thought we had seen a top in Nvidia share price. After a period of weakness we are back at highs, and the world's first USD 4 trillion market cap company. As I understand it, Nvidia has a 90% share of GPUs, TSMC has 90% share of cutting edge chips and ASML 100% share EUV cutting edge lithograph machines. Oddly enough, ASML just warned and has flatlined its share price since 2021, while Nvidia is up 8 times. I find this odd - is there unfettered demand for cutting edge chips or not?
Why the disconnect?
