Tech billionaires lost $108 billion as markets plummeted following DeepSeek's cheaper AI breakthrough.

The world's 500 richest people, including Nvidia's Jensen Huang, lost a combined $108 billion due to a tech-led selloff tied to Chinese AI developer DeepSeek. Huang's wealth dropped by $20.1 billion, a 20% fall. The Nasdaq Composite fell 3.1%, and the S&P 500 dropped 1.5%. DeepSeek's low-cost AI chatbot app challenged the notion that massive investments are necessary for developing strong AI models, impacting tech billionaires' fortunes.

2 months ago
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