A photo would really help. The tip should not deform at all. Something like this happened to me once when I was just starting out. The tool was from a garage sale lot. I reground it, and it cut just fine, for one inch. I paid more attention to the grinding sparks, noting that it matched the A-2 coupon in my spark test standards. Not HSS. It turned out to be a brazed carbide bit minus the little piece of carbide. I posted a photo, and it was confirmed.