It's not a CISCO moment, more like a "Wavelength-division multiplexing" [1] moment of 2000 where the fiber optic craze was over capacity and crashed, causing a lot of "Dark Fibre" [2] left around. Deepseek found a way to squeeze more out of the same hardware, heck a key point is how to do more with the bandwidth bottleneck also with BI-DIRECTIONAL MULTIPLEXING [3] :)

Most of the biggest Nvidia clients are valued on speculation of future revenue from their closed models (secret sauce). Deepseek is fully open source so those revenue expectations crashed and investors are having second thoughts on throwing more money at companies like OpenAI. And this hits the expected sales growth of Nvidia for the next few years.

Dark fibre eventually was used but it took many years. And it was bought for cheap by companies like Google and CloudFlare.

[1] https://en.wikipedia.org/wiki/Wavelength-division_multiplexi...

[2] https://en.wikipedia.org/wiki/Dark_fibre

[3] https://arxiv.org/html/2412.19437v1 (3.2.1DualPipe and Computation-Communication Overlap)