On January 27, the US stock market closed, and Nvidia's share price fell by 17%. In response, Nvidia responded: "DeepSeek is an excellent artificial intelligence advance and an excellent example of test-time scaling. DeepSeek's research shows how the technology can be used to create new models with widely available models and computing power that is fully compliant with export control regulations. The inference process requires a large number of Nvidia GPUs and high-performance networks. Today we have three laws of scaling: pre-training and post-training laws that are continuously applicable, and new test-time scaling laws." (Yicai)