A likely catalyst would be a DeepSeek like model where it has the capability of top model but in a much smaller footprint.

NVDA and cloud providers that are highly staked in AI would likely take a hit if a 70B model could do what Sonnet4 does.

But overall, AI is here to stay even if the market crashes, so it’s not really a AI bubble pop, more like a GPU pop.

And even then, GPU will still be in demand since the training will still need large clusters.