World's richest people lose $108 bn after tech startup DeepSeek selloff

Quick Summary:

Billionaires whose fortunes are linked to artificial intelligence were the biggest losers: Huang saw his fortune fall $20.

Meta Chief Executive Officer Mark Zuckerberg announced Friday that the company planned to spend $60 billion to $65 billion on projects related to AI this year, well above Wall Street estimates.

Hangzhou-based DeepSeek has been developing AI models since 2023, but the company first came onto the radar of many Western investors this weekend as its free DeepSeek R1 chatbot app topped download charts worldwide.

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Category: BusinessFinance

Markets: India

Topics: Mark Zuckerberg Nvidia DeepSeek Startup Artificial intelligence DeepSeek AI Startup Huang

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-28 @ 09:00:53 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 771 words

Reading Time: 5 minutes read

Sentences: 25 lines

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Copyright Owner: © Business Standard

News ID: 25559113

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