How is deepseek bearish for nvda

Someone talk me out of full porting into leaps here, if inference cost decrease would that not increase the demand for AI (chatbots, self driving cars etc) why wouldn’t you buy more chips to increase volume now that it’s cheaper, also nvda has the whole ecosystem (chips, CUDA, Tensor) if they can work on making tensor more efficient that would create a stickier ecosystem now everyone relies on nvda if they can build a cloud that rivals aws ans azure and inference is cheaper they can dominate that too and then throw Orin/jetson if they can’t dominate cloud based AI into the mix and nvda is in literally everything.

The bear case i can think of is margin decreases because companies don’t need as much GPUs and they need to lower prices to keep volume up or capex pause but all the news out if signalling capex increases