A big bell just rung and two other things to think about

Did DeepSeek just ring the bell on the extraordinary multi year dominance of the AI tech trade and finally call into question the efficacy of the hundreds of billions being spent on building out Gen AI? Yea, most likely. But there are two other things to think about too. Firstly, one of my big worries over the past few years has been the unintended consequences of the US government's/China hawks attempts to limit China access to parts of US technology (mostly chips and chip equipment) in our desire to suppress their advancement and avoid too their military from using it. That it would just poke the bear and dramatically incentivize China from eventually developing their own technology/chip/software base, along with still getting access to US tech/chips, that would at some point make them independent of us. And where US technology companies would not just lose the 2^nd biggest economy in the world as a customer but China would eventually be a huge competitor to them in the years/decades to come globally.

Secondly, just maybe the stock market will shift its attention to the inevitable and sustainable beneficiaries of GenAI and that are the companies using it to enhance their efficiencies and productivities of their business and not the ones spending many billions on developing an incredible tool but one that is becoming commoditized.

China stocks are the ones rallying today by the way.

This selloff too in the market comes as at least measured by the Citi Panic/Euphoria index, market participants are the most Euphoric in years. Note the chart too below from Barron's calculating the level of insider selling. Over the past few months we've seen three jumps in readings with the most recent one being the most pronounced. Take note.