DeepSeek’s explosion onto the AI scene, combined with President Trump’s proposed Taiwan tariffs, have knocked the stuffing out of the Vendors segment. It has long been apparent that this AI hype was unsustainable, but in the same week that a nationally important AI infrastructure project was announced by the White House, most would not have bet on the President cutting it off at the knees straight after. Still, we have warned that turmoil will be normal in this administration, for the first few months, as the difference between campaign blustery and actual foreign policy is thrashed out by its top influencers. Collectively, over $1 trillion was wiped from stock market valuations, in the past week. In the high-level adjusted view,…