DeepSeek's competitive pricing strategy in the AI market has destabilized US tech dominance, culminating in a significant $600bn drop in Nvidia's market value. This plunge, recognized as the largest in US market history, adversely affected the fortunes of high-profile tech executives, including Nvidia CEO Jensen Huang, whose wealth fell by $20.7bn. In total, the tech sector faced about $94bn in wealth losses, raising concerns ahead of forthcoming earnings reports from major firms such as Meta and Apple about their AI investments.
In all, tech sector titans as a group saw $94bn of wealth evaporate, roughly 85% of the $108bn losses related to DeepSeek and Nvidia.
Nvidia's record stock plunge was the biggest market value drop in US stock market history, resulting in a $600bn loss that shocked investors.
DeepSeek's successful launch at cut-price poses a formidable challenge to US AI dominance, rattling Nvidia and impacting the fortune of the world's wealthiest.
Nvidia's share-price drop left CEO Jensen Huang's net worth at $103.7bn, pushing him from 10th to 17th in global wealth rankings.
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