Bloomberg reported that the world’s 500 richest people, including Nvidia co-founder Jensen Huang, lost a combined $108 billion due to a new artificial intelligence program by Chinese company DeepSeek and a slump in the tech sector.
Jensen Huang lost $20.1 billion, or 20% of his fortune, while Oracle co-founder Larry Ellison lost $22.6 billion, or 12%. Dell Inc. founder Michael Dell lost $13 billion, and Binance Holdings Ltd. co-founder Changpeng Zhao lost $12.1 billion.
DeepSeek, which will begin developing AI models in 2023, caught the attention of Western investors this week as its DeepSeek R1 chatbot topped the download charts. The company, which spent only $5.6 million, is now challenging the leading technology companies in Silicon Valley.
