US tech billionaires lost almost $100 billion in stock market selloff
A low-cost Chinese artificial intelligence model has threatened the US tech dominance and wiped $600 billion in Nvidia’s market value, decreasing the fortunes of some of the world’s wealthiest men.
DeepSeek’s cut-price challenge on Monday caused Nvidia’s record stock plunge and took with it $20.7 billion of its CEO and biggest individual shareholder, Jensen Huang.
Huang, the company co-founder, was left with a net worth of $103.7 billion late on Monday, down from $124.4 billion.
The market crash pushed the 61-year-old tech tycoon from 10th to 17th place in global wealth rankings, behind Zara fashion mogul Amancio Ortega; Walmart heirs Rob, Jim and Alice Walton; Microsoft co-founder Bill Gates; Dell CEO Michael Dell; and former New York mayor Michael Bloomberg.
Meanwhile, Oracle chair Larry Ellison recorded a $27.6 billion loss after shares in Oracle stock dropped 14 percent, knocking him down from third wealthiest man to fifth, behind Meta CEO Mark Zuckerberg and LVMH luxury tycoon Bernard Arnault.
Dell ($12.4 billion); Google cofounders Larry Page ($6.3 billion) and Sergey Brin ($5.9 billion); Google investor Andreas von Bechtolsheim ($5.4 billion); Tesla CEO Elon Musk ($5.3 billion); and Interactive Brokers chair Thomas Peterffy ($4.1 billion) were also hit by the Nvidia selloff and related tech share drops.
According to Bloomberg, a total of $94 billion of wealth evaporates from tech sector titans- approximately 85 percent of the $108 billion of losses among the world’s 500 wealthiest people.
On Monday, Nvidia lost about 17 percent or close to $600 billion in market value - a record one-day loss for any company. Meanwhile, shares of companies in semiconductor, power and infrastructure companies exposed to AI collectively shed more than $1 trillion.
Monday's selloff was prompted by the release of a free AI assistant launched by China's DeepSeek last week that the startup said uses less data at a fraction of the cost of incumbent services.
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