DeepSeek Impact: US tech czars lose $108 bn in one day, Nvidia’s Jensen Huang’s net worth plunges by $20bn

The US stock market faced a dramatic downturn on Monday after China’s DeepSeek unveiled a groundbreaking, cost-efficient artificial intelligence model. The announcement triggered a massive selloff, sending shockwaves through the tech-heavy Nasdaq Composite, which fell 3.1%.

Nvidia, the linchpin of the AI boom, led the collapse, with shares plummeting nearly 17%. This marked a record single-day loss in market capitalization for a Wall Street stock, according to LSEG data. Nvidia’s market-cap wipeout was more than double the previous record it set in September.