World's richest people lose $108b after DeepSeek selloff

The world’s 500 richest individuals, led by Nvidia's Jensen Huang, collectively lost $108 billion on Monday due to a tech selloff linked to Chinese AI firm DeepSeek. Huang lost $20.1 billion, while Larry Ellison lost $22.6 billion. Other notable losers included Michael Dell and Changpeng Zhao. Tech giants saw a $94 billion decline, with the Nasdaq dropping 3.1% and the S&P 500 down 1.5%. DeepSeek, which developed a competitive AI chatbot app, gained significant attention after topping download charts. Despite its low development cost of $5.6 million, DeepSeek’s success challenges Silicon Valley's model of massive capital spending for AI. The company has reportedly acquired more AI chips than anticipated, defying US export restrictions.