JPMorgan analysts Claudia Hueston and Pedro Martins just dropped a major AI ripple effect report, and the verdict is clear: DeepSeek's latest LLM is shaking up the tech hierarchy.

With the promise of slashing training and inference costs, some companies stand to gain big, while others might be in for a rough ride.

Winners: The AI Powerhouses

The bullish camp - tagged under JPMorgan's DeepSeek Positive Impact - is a who's who of AI titans and cloud leaders. Alphabet Inc (GOOG  ) (GOOGL  ), Amazon.com Inc (AMZN  ) and Nvidia Corp (NVDA  ) top the list, unsurprisingly, given their AI ambitions.

But the wave also lifts Broadcom Inc (AVGO  ), Marvell Technology Inc (MRVL  ) and Micron Technology Inc (MU  ) - all crucial to AI infrastructure. Even software players like Snowflake Inc (SNOW  ), Databricks rival Confluent Inc and GitLab Inc look poised to benefit from AI-powered cost efficiencies.

The key theme? AI is moving from experimental to execution mode, and companies that enable inferencing and data management stand to gain.

Losers: The Hardware Setback

On the flip side, JPMorgan's DeepSeek Negative Impact list puts companies like Intel Corp (INTC  ) and Oracle Corp (ORCL  ) in the danger zone. With cheaper and more efficient AI models, legacy hardware players could see slower demand for expensive, high-power training chips.

Even industrial giants like Caterpillar Inc (CAT  ) and Cummins Inc might take a hit if AI-driven automation undercuts traditional heavy machinery investments.

The Takeaway: AI's Next Economic Shift

While hyperscalers are still throwing money at AI hardware, DeepSeek's disruption could eventually tilt the value proposition toward application-layer innovation.

Companies that enable seamless AI adoption-think Salesforce Inc (CRM  ), Shopify Inc (SHOP  ) and CrowdStrike Holdings Inc (CRWD  ) -could see an acceleration in demand, while those overly reliant on expensive, legacy infrastructure may need a strategy refresh.