1. It has dropped to the second /third position by market cap owing to a slowdown in the data-center investment growth trends causing a ripple effect. Future scenarios got priced in starting January
2. Compute costs are coming down - decrease demand for chips. Countered via Jevons paradox. Hard to quantify and most estimates have a large MoE. Simplest to consider that they cancel out.
Why do you think you're right?
Why might you be wrong?
Incorrect assumption that PRC would want to avoid disruption of technological advancement