The wealth of the world's top 500 rich people, including Nvidia Corp. co-founder Jensen Huang, was dented by about $108 billion on Monday. The reason behind this is Chinese AI developer DeepSeek. Due to the technology-based sell-off related to DeepSeek, the wealth of those billionaires whose company is related to artificial intelligence suffered the most.
On Monday, Nvidia's stock fell by up to 13 percent.
Chinese artificial intelligence startup DeepSeek has become a cause of tension for the world's top rich people along with Nvidia Corp. co-founder Jensen Huang. Due to the growing concern of investors, Nvidia's stock fell by a huge amount.
On Monday, Nvidia's stock fell by up to 13 percent. Earlier in September last year, the company's stock had registered a huge decline, which was 9 percent. At that time, $279 billion was wiped out.
Huang's wealth saw the biggest decline
The wealth of the world's top 500 rich people, including Nvidia Corp. co-founder Jensen Huang, suffered a dent of about $108 billion on Monday. The reason behind this is Chinese AI developer DeepSeek. Due to the technology-based sell-off related to DeepSeek, the wealth of those billionaires whose companies are related to artificial intelligence suffered the most.
The wealth of these billionaires saw the biggest decline
On Monday, the biggest decline was recorded in the wealth of Nvidia Corp. co-founder Jensen Huang. His wealth decreased by about 20 percent i.e. $20.1 billion.
Apart from this, the wealth of Oracle Corp. co-founder Larry Ellison also declined by 12 percent i.e. about $22.6 billion.
What is DeepSeek?
DeepSeek is an AI model developed by China, which has created a stir all over the world. It is also leaving behind big AI models like ChatGPT. The big thing is that it is made at a very low cost and its capacity is high.
Why are investors scared?
DeepSeek has increased the tension of American tech companies like Nvidia, Microsoft and Meta. Because these companies have developed their AI models by investing heavily, but DeepSeek is being developed at a low cost and is performing better than their AI models.
China's growing power has increased the tension of the world
Due to this Chinese AI model, the shares of these tech companies are registering a huge decline. Due to which huge fluctuations are being seen in the stock market. Not only this, the success of DeepSeek is demonstrating the technical capability of China, due to which the tension of other countries including America has increased.
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