Huang's net worth fell from $121 billion to around $100 billion, per the Bloomberg Billionaires Index.

Oracle chairman Larry Ellison and Nvidia CEO Jensen Huang lost tens of billions on paper as shares of their AI-focused companies suffered as DeepSeek sent a chill through Silicon Valley.

Nvidia called DeepSeek’s R1 model “an excellent AI advancement,” despite the Chinese startup’s emergence causing the chipmaker’s stock price to plunge 17%.

A Chinese company’s claim of a $5.6 million artificial intelligence breakthrough wiped almost $600 billion from Nvidia’s market value on Monday, shattering Wall Street’s confidence that tech companies’ AI spending spree will continue and dealing an apparent blow to US tech leadership.

NEW YORK – The world’s 500 richest people, led by Nvidia co-founder Jensen Huang, lost a combined US$108 billion (S$145 billion) on Jan 27 as a tech-led selloff tied to Chinese AI developer DeepSeek sent major indices plunging.

Meanwhile, a slew of other tech executives including Elon Musk, Jeff Bezos and Mark Zuckerberg are reportedly set to attend the events on Monday.

Nvidia CEO Jensen Huang Huang said he will be celebrating Lunar New Year with employees.

Owing to US tech stocks crash, billionaires like Nvidias Jensen Huang and Oracles Larry Ellison lost more than $20 billion wealth in a single-day. Popularity of DeepSeek resulted in a frenzy selling in US tech stocks,

The company’s stock price has similarly soared, and its total market value quickly passed rivals like Intel, Microsoft and others. Nvidia alone accounted for more than a fifth of all of the S&P 500 index’s total return last year. No other stock came close, and it had more than triple Apple’s impact.

Huang, who cofounded Nvidia in 1993, owns roughly 3.4% of the company, according to Bloomberg. Indeed, the tech giant took a bit of a stumble yesterday, losing around $600 billion in market cap as shares plummeted by 17%. The manufacturing chip company is falling from great heights; this past summer, it surpassed a $3 trillion market cap.

The launch of DeepSeek’s cost-effective AI assistant in China, has sent shockwaves through global markets, leading to a record $593 billion loss for Nvidia and a 3.1 per cent drop in the Nasdaq. As investors recalibrate,