The rapid success of the Chinese “DeepSeek” models has led to billions in losses for technology leaders’ wealth.
The AI model, developed by the Chinese company but at a lower cost, triggered a wave of selling in the US tech stocks in January. The model raised doubts about the US dominance in the AI industry.
According to a report by Fortune magazine, the “DeepSeek” model wiped out around $94 billion from the fortunes of tech leaders.
The report revealed that Oracle CEO Larry Ellison lost about $27.6 billion, dropping from third to fifth place in the world’s richest people list, as Oracle’s stock fell by 14%.
NVIDIA CEO Jensen Huang lost more than $20 billion, with his net worth falling to $103 billion, after his company lost $600 billion in market value due to the rise of “DeepSeek.”
Meanwhile, Michael Dell, CEO of Dell, lost $12.4 billion from the sale of NVIDIA stock, and billionaire Elon Musk saw a loss of $5.3 billion.
Larry Page, Google co-founder, saw a drop in his net worth by $6.3 billion, while Google investor Andreas von Bechtolsheim suffered a $5.4 billion loss.
