BMO Capital notes that the DeepSeek-V3 model that was launched on January 10 used Nvidia (NVDA) H800 chips, not its latest models that have a higher power intensity. While stating that “there’s a lot we don’t know” about the Chinese AI model, concerns about DeepSeek is “heavily pressuring” power and electric infrastructure equities with leverage to data center demand broadly, including Outperform-rated GE Vernova (GEV) and Market Perform-rated Bloom Energy (BE), the analyst added. BMO says “what little we know about DeepSeek suggests” the power intensity of its servers could be 50%-75% less than those using Nvidia’s latest GPU platform.
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