DeepSeek Shock: Nasdaq surged over 30% in the past year on the AI stock rally. Now the DeepSeek AI model launch is raising fresh market risk concerns. Investors fear pressure on Nvidia stock, semiconductor stocks, and Big Tech valuations. China’s artificial intelligence push could reshape global AI competition. High price-to-earnings ratios increase downside risk. Short-term volatility looks likely. Long-term AI growth remains intact but fragile.