<div id="readability-page-1"><div><div><p>As Microsoft and Meta prepare to report earnings tonight, Deutsche Bank's Jim reid notes that this week marks six months since the broader market first digested the emergence of DeepSeek. Since that announcement, the equal-weighted Mag-7 index has underperformed the S&amp;P 500, but it's now within a whisker of catching up.</p><p>To contextualize: on Monday, January 27 - the day DeepSeek hit the headlines - <strong>Nvidia dropped -17%, recording the largest single-day market cap loss in history at $593 billion. </strong>Markets stabilized briefly before declining further into and just after “Liberation Day.” From DeepSeek Day to the post-Liberation Day trough, Nvidia fell roughly -34%. However, since then, <strong>it has staged an extraordinary rally of +87%, placing it +24% above the level it held immediately prior to the DeepSeek-triggered sell-off.</strong></p><p>Looking across the broader Mag-7 complex since, <strong>Tesla has been the clear laggard, </strong>weighed down by ongoing political tensions between Trump and Musk and broader investor concerns over earnings sustainability. By contrast, Microsoft and Meta — both reporting tonight — have outperformed the S&amp;P 500 since DeepSeek Day, alongside Nvidia.</p></div></div></div>

Mag 7: Concentration Or Diversification?

- 德意志银行的 Jim Reid 指出，DeepSeek 发布六个月后，市场表现分化。  
- Nvidia 自 DeepSeek 发布以来，经历了 -34% 的下跌后反弹 +87%。  
- 特斯拉表现不佳，微软和 Meta 则超越了 S&P 500 指数。  