Tech billionaires lost almost $100bn in stock market selloff sparked by DeepSeek

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The story "Tech billionaires lost almost $100bn in stock market selloff sparked by DeepSeek" was covered 2 days ago by The Guardian, a news publisher based in United Kingdom.

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The Guardian 2d ago

Tech billionaires lost almost $100bn in stock market selloff sparked by DeepSeek - The Guardian

Quick Summary:

Nvidia saw $600bn of its market value disappear, while its CEO, Jensen Huang, saw his net worth drop by nearly $21bnDeepSeek’s cut-price challenge to US AI dominance, which wiped $600bn in Nvidia’s market value on Monday and caused the tech-weighted Nasdaq index to drop 3%, also took a bite out of the fortunes of some of the world’s wealthiest men.

Nvidia’s record stock plunge, judged to be the biggest market value drop in US stock market history, according to Bloomberg, took with it $20.7bn of its CEO and biggest individual shareholder, Jensen Huang.Continue reading...

Don’t “buy into the doomsday scenarios currently playing out” about DeepSeek, Bernstein analyst Stacy Rasgon wrote to note to clients, adding the “panic over the weekend seems overblown”.