If you normalize Nvidia's gross margin and take into account of competitors sure. But its current high margin is driven by Big Tech FOMO. Do keep in mind that 90% margin or 10x cost to 50% margin or 2x cost is a 5x price reduction.
So why would DeepSeek decrease FOMO? It should increase it if anything.
Because DeepSeek demonstrates that loads of compute isn't necessary for high-performing models, and so we won't need as much and as powerful of hardware as was previously thought, which is what Nivida's valuation is based on?
That's assuming there isn't demand for more powerful models, there's still plenty of room for improvement from the current generation. We didn't stop at GPT-3 level models when that was achieved.