Only one topic to start the week, threatening to undermine much of the narrative driving eu industrials and cap goods ytd... DeepSeek .. I will defer to Privo's take on the background this morning: "what makes DeepSeek important is not necessarily that it's Chinese or rapidly ascended to one of the most popular downloads in the Apple App Store but that it appears quite a fundamental advancement in the efficiency of AI technology. For a lot of complicated reasons it's basically a huge upgrade to effectiveness of inference. By some measurements, 40-50x more efficient than other models. If you can do more with less it naturally leads the question to whether you need so much capacity"...(note) => In industrials / cap goods, reactions this morning are mostly of the "shoot first" variety towards capex and power equipment plays in relevant and adjacent verticals. GSXEACDC -6% is unsurprisingly most impacted (SU most datacentre exposed,- see full list of exposures in piece from Friday here: link). Also seeing the contagion to semi-cap (Atlas Copco, VAT Group).