Tech billionaires lost almost $100bn in stock market selloff sparked by DeepSeek
by Edward Helmore from Technology | The Guardian on (#6TWGP)
Nvidia saw $600bn of its market value disappear, while its CEO, Jensen Huang, saw his net worth drop by nearly $21bn
- Explainer: what is DeepSeek and why did US tech stocks fall?
- James Vincent: DeepSeek panic reveals an AI world ready to blow
- Nils Pratley: the stock market is terrible at valuing tech revolutions
DeepSeek's cut-price challenge to US AI dominance, which wiped $600bn in Nvidia's market value on Monday and caused the tech-weighted Nasdaq index to drop 3%, also took a bite out of the fortunes of some of the world's wealthiest men.
Nvidia's record stock plunge, judged to be the biggest market value drop in US stock market history, according to Bloomberg, took with it $20.7bn of its CEO and biggest individual shareholder, Jensen Huang.
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