Most AI compute has been driven by Nvidia chips, and we obviously have a deep partnership with Nvidia and will for as long as we can see into the future,” Jassy said on a cal

Related: Palantir's stock price may surge for surprising reason AI chipmaker Sasquatch Nvidia (NVDA) got pummeled, with shares dropping 17% after DeepSeek debuted, wiping out $600 billion of the company's value.

Shutterstock The firm concluded that the DeepSeek selloff is a buying opportunity, and maintained Nvidia as a "Top Pick" with an overweight rating and $152 price target on the shares. While Morgan acknowledged that DeepSeek creates some headwinds around export controls and longer-term investment and that sentiment on Nvidia has worsened around potential longer-term risks,