Jensen Huang of Nvidia and Larry Ellison of Oracle saw their fortunes shrink by a combined $50 billion on Monday as Chinese AI startup DeepSeek disrupted the U.S. tech market.
Nvidia’s stock dropped 17%, erasing $589 billion in market value, and cutting Huang’s net worth by $20.8 billion to $103.7 billion. This pushed him from 10th to 17th on Forbes’ billionaire rankings.
Oracle shares fell 14%, slashing Ellison’s fortune by $27.6 billion, knocking him from the world’s third-richest to fifth.
DeepSeek’s Impact
DeepSeek’s generative AI model, reportedly trained on just $5.6 million worth of Nvidia GPUs, raised doubts about U.S. companies’ heavy spending on AI infrastructure.
Analysts questioned Nvidia’s growth prospects and high valuations for AI-driven tech firms.
Other billionaires hit included Michael Dell (-$12.4 billion), Larry Page (-$6.3 billion), and Elon Musk (-$5.3 billion).
Notable Exceptions
While most tech stocks plunged, Apple rose 3%, benefiting from its cautious AI investments.
Warren Buffett gained $2.3 billion through Apple holdings, while Tim Cook and Laurene Powell Jobs also saw gains.
Broader Market Context
The Nasdaq dropped 3.1%, led by Nvidia and Oracle losses, as DeepSeek’s innovation posed a significant challenge to the U.S.-dominated generative AI market.
Analysts remain skeptical of DeepSeek’s claims but acknowledge its disruptive potential.
