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Tech billionaires lose $108B as DeepSeek-linked selloff rocks markets
January 28, 2025
11:01
The world’s 500 wealthiest individuals collectively lost an astonishing $108 billion on Monday as a tech-led market selloff tied to Chinese AI company DeepSeek sent global indices spiraling downward.
Leading the decline were billionaires linked to artificial intelligence, including Nvidia Corp. co-founder Jensen Huang, who saw his net worth plummet by $20.1 billion—a staggering 20% drop in a single day.
Oracle Corp. co-founder Larry Ellison suffered a $22.6 billion loss, the largest in absolute terms, though it represented 12% of his total fortune. Other notable tech magnates hit hard include Michael Dell of Dell Inc., with a $13 billion loss, and Changpeng “CZ” Zhao of Binance Holdings, who shed $12.1 billion.
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As a group, tech billionaires accounted for 85% of the $94 billion decline in the Bloomberg Billionaires Index. This came alongside a 3.1% drop in the Nasdaq Composite Index and a 1.5% fall in the S&P 500.
Hangzhou-based DeepSeek, an emerging Chinese AI developer, has been making waves since its inception in 2023. Over the weekend, its DeepSeek R1 chatbot surged to the top of global app download charts, drawing unprecedented attention from Western investors. However, the app’s overwhelming popularity caused outages, leading the company to restrict signups to users with Chinese phone numbers.
DeepSeek’s success has raised questions about the massive capital spending Silicon Valley deems essential to developing cutting-edge AI models. The Chinese firm’s development of a free chatbot with a budget of just $5.6 million is a stark contrast to the billions spent by US tech giants on AI.
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Major US tech firms, including Meta Platforms, Alphabet, and Microsoft, have followed a similar playbook—pouring enormous sums into acquiring top-tier semiconductors and energy resources to power their AI systems. These investments have driven soaring valuations, with Nvidia emerging as the biggest winner of the AI boom.
Since 2023, Jensen Huang’s fortune had skyrocketed nearly eightfold to $121 billion before Monday’s selloff. Mark Zuckerberg of Meta saw his wealth soar 385% to $229 billion, while Jeff Bezos of Amazon gained 133% to $254 billion over the same period.
Yet, while Huang and Ellison faced significant losses, other tech billionaires emerged unscathed. Zuckerberg’s net worth climbed $4.3 billion on Monday, as Meta rebounded from early-session declines, and Bezos added $632 million to his fortune.
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DeepSeek’s ability to rival Silicon Valley’s top AI players with minimal investment has prompted investors to question the long-standing reliance on massive capital spending. The company’s approach, developed in a constrained environment due to US export controls, challenges the assumption that top-tier GPUs and unlimited funding are prerequisites for success.
Despite strict US export restrictions on advanced chips, Alexandr Wang, CEO of training data provider Scale AI, suggested that Chinese labs might have greater access to Nvidia’s H100 GPUs than previously thought.
“The Chinese labs have more H100s than people think,” Wang told CNBC. “My understanding is that DeepSeek has about 50,000 H100s, which they can’t talk about, obviously, because it’s against the export controls that the US has in place.”
As DeepSeek’s emergence reshapes the competitive landscape, US tech giants may face increasing scrutiny over their capital-heavy strategies. Meanwhile, the market selloff has highlighted the vulnerability of AI-linked fortunes, raising questions about the sustainability of the current AI investment paradigm.
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