The blogger who helped spark Nvidia’s $600 billion stock collapse and a panic in Silicon Valley

Jeffrey Emanuel made the case for shorting Nvidia Corp. due to a number of shifting tides in the artificial-intelligence world.

He published his thesis on his personal blog and then shared it with the Value Investors Club website and across Reddit , X and other platforms.

Emanuel ’s argument shook Silicon Valley not because he claimed the big U.S. technology companies were misleading or deceitful.

Nvidia has helped drive the entire U.S. stock market over the past year .

It helped lift the S&P 500 by 23.3% last year .

The market saw big tech companies like Microsoft Meta and Google parent Alphabet spending hundreds of billions of dollars to gobble up Nvidia ’s hardware to build their AI data centers.

DeepSeek is an open-source AI startup that has been publishing technical papers in the open for a few months .

The $5.6 million training-cost statistic that many investors cited for sparking the market panic was revealed in a technical paper published on Dec. 26 .

Emanuel theorized that many of the people in San Jose were reading his blog post.